DIVIDEND AND DISTRIBUTION POLICY. The Parties agree that it is the intention of the Parties and the Company that no Dividends or Distributions will be declared. Should a Dividend or Distribution be declared at any stage, this will only be with the prior written approval of the Joint Committee, save that if there is no Joint Committee, a Dividend or Distribution may be declared with the approval of 75% or more of the votes of the Shareholders.
DIVIDEND AND DISTRIBUTION POLICY. 12.1 The Shareholders shall cause that unless otherwise expressly agreed by each of the Shareholders in writing or in general meeting, to the extent permitted by Polish law, the aggregate of the full amount of the profits of the Society available for distribution according to the audited accounts for any Financial Year and the accumulated distributable reserves of the Society from prior Financial Years but less accumulated losses shall be distributed by the Society by way of dividend (subject to any obligation on the Society imposed by Polish law to create or maintain any reserve).
DIVIDEND AND DISTRIBUTION POLICY. Subject to the maintenance of prudent profits by way of reserve, and compliance with any financial covenant given by a Company to its lenders in respect of its financing, and subject to the determination by the Board as to the working capital requirements and cash flow conditions of a Company, the Board shall declare and distribute, in respect of each financial year of each Company, the maximum amount of its profits as are determined by the Board to be available for distribution in accordance with applicable laws provided that any such distribution shall be firstly by way of the repayment of principal of any outstanding Shareholders’ Loans (in the Relevant Proportions).
DIVIDEND AND DISTRIBUTION POLICY. 7.1 The Board of the Company shall declare and make payment of dividends or distributions to the Parties in relation to the Group from time to time subject to the requirements set out in this Clause 7 and having regard to:
DIVIDEND AND DISTRIBUTION POLICY. 9.1 Subject to circumstances prevailing at the relevant time including in particular the working capital requirements and cash flow conditions of the Company, maintenance of prudent profits by way of reserve, and compliance with any financial covenant given by the Company to its lenders in respect of its financing, the Board shall have the power and discretion (which is not mandatory) to consider and declare dividends to its shareholders in respect of each Financial Year provided that any such distribution shall be firstly by way of the repayment of principal of any outstanding Shareholders’ Loans.
DIVIDEND AND DISTRIBUTION POLICY. Surrender of Losses Eligible for Tax Relief .................................................................... Schedules ......................................................................................................................
DIVIDEND AND DISTRIBUTION POLICY. Subject to the circumstances prevailing at the relevant time including, in particular, the working capital requirements of the Company and the Company’s banking obligations, the Company shall distribute by way of dividends a minimum of 50% of its trading profits after tax in accordance with the articles of association of the Company in respect of each financial year such profits as are then lawfully available for distribution as soon as the audited account of the latest fiscal year is available, or June 30th, whichever is earlier.
DIVIDEND AND DISTRIBUTION POLICY. Subject to the circumstances prevailing at the relevant time including, in particular, the working capital requirements of the Company and the Company’s banking obligations, the Company shall distribute by way of dividends a minimum of 75% of its trading profits after tax in accordance with the articles of association of the Company in respect of each financial year such profits as are then lawfully available for distribution as soon as the audited account of the latest fiscal year is available. If the audited account is not ready by April 30, a provisional dividend shall be distributed, using 80% of trading profits after tax based on Management Accounts as the base for calculation; for the avoidance of doubt, this means the provisional dividend would be 75% of 80% of trading profits after tax based on Management Accounts. When the audited account is available, the remaining balance of dividends shall be distributed based on the trading profits after tax from the audited account.
DIVIDEND AND DISTRIBUTION POLICY. The Shareholders shall procure that not more than 20 per cent. of the profits of the Company available for appropriation in a particular year shall be distributed by the Company to the Shareholders by way of dividend for the three years ending 31st March, 1993, 31st March, 1994 and 31st March 1995 unless otherwise expressly agreed by each of the Directors in writing.
DIVIDEND AND DISTRIBUTION POLICY. 11.1 The Shareholders shall procure that the Company's profit available for distribution in respect of each financial year during the term of this Agreement shall be distributed by the Company to the Shareholders and Authoriszor by way of dividend in accordance with the Business Plan.
