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Transcription
that the balance on hand would he profits or surplus, subject to distribution as dividends „ - , , . . . I am somewhat surprised, after a somewhat extended search, to be unable to find any cases dealing precisely with this point, yrom personal observation, I know, however, that there are many land companies operating in this state which from time tc time declare dividends. In some instances 1 have known of corporations declaring dividends to the amount of one hundred per cent . All such dividends must have been declared on the theory above outlined. Very respectfully, (8)
