Common use of DECLARATION AND PAYMENT Clause in Contracts

DECLARATION AND PAYMENT. Subject to statute and the certificate of incorporation, dividends may be declared by the board of directors at any regular or special meeting and may be paid in cash, in property, or in shares of the corporation. Subject to Bylaw 3.3, the declaration and payment shall be at the discretion of the board of directors.

DECLARATION AND PAYMENT. Subject to statute provisions of applicable statutes and the certificate Articles of incorporationIncorporation, dividends may be declared by the board Board of directors Directors at any regular or special meeting Special Meeting and may be paid in cash, in property, or in shares of the corporationCorporation. Subject to Bylaw 3.3, the The declaration and payment shall be at the discretion of the board Board of directorsDirectors.