55
In forceSuspension of power to pay dividend till completion of tramways in certain cases
Part 2General provisions
Division 8Accounts, deposits, dividends, borrowing etc
55 Suspension of power to pay dividend till completion of tramways in certain cases
Wherever the promoters are a corporation, having a capital divided into shares, and being possessed of a tramway already opened for public traffic, and the special Act authorises a new line to be constructed, or the time for completing, or time already authorised to be extended, the promoters shall pay no dividend on their ordinary or unguaranteed capital beyond any period allowed for that purpose in the special Act until the completion of the new line, or the line already authorised, as the case may be.
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