44
(c) Upon all payments having been made in accordance with the provisions of subclause (a) of this Article, the Company shall thereupon be deemed to have fully accounted to each bona fide member or person treated as such for his full share of the net annual returns of the dairy-produce supplied by each member or person treated as such: Provided, however, should the Company later receive further returns or realizations in respect of such dairy-produce, the Directors may, if they deem it equitable so to do, make a further distribution in accordance with the provisions of subclause (a) of this Article, or they may retain such further returns or realizations as additional realizations in respect of the financial year in which they are so received. SUPPLY FROM NON-MEMBERS 148. The Directors may, if they see fit so to do, purchase from any person or persons, other than bona fide members of the Company, without requiring such person or persons to take up shares in the Company, dairy-produce, and the price payable therefor shall be determined in accordance with the Articles hereinafter set forth. 149. (a) All dairy-produce supplied by a non bona fide member or by a person not treated as a bona fide member by the Directors shall, in the absence of any agreement as to price between the Company and such member or person, be deemed to be purchased by the Company at a price corresponding to that which is paid by the Company to its bona fide members as a progress payment on the 20th day of each month or such other determined date in accordance with Article 146 hereof for dairy-produce supplied to the end of the preceding month. Such non bona fide member or other person as aforesaid shall not by virtue alone of his so supplying dairy-produce to the Company be entitled in any way to claim or to participate in any rebates, allowances, or in any of the other payments, whether final or otherwise, which in accordance with these Articles the Company may subsequently make to bona fide members and to persons treated as such. (b) If it should be discovered that the amount paid to such non bona fide members or other person, in respect of such dairy-produce is in excess of that which ought properly to have been paid therefore the Directors may require such non bona fide members or other persons to refund the amount so paid in excess. The amount, if any, so paid in excess shall, on being demanded by the Directors by notice in writing, constitute a debt by such non bona fide members or other persons to the Company. Such debt or debts may be recovered by the Company by an action at law or may be retained by the Company out of any future payments which may become due by the Company to such non bona fide members or other persons, or any of them, in respect of dairy-produce supplied to the Company. (c) Notwithstanding anything to the contrary in these Articles contained or implied, the Directors may pay to such non bona fide members or other persons such rebates, allowances, and (or) other payments, whether final or otherwise, or such part or parts thereof, as they may in their discretion think fit; but in any case such rebates, allowances, or payments shall not exceed proportionately the amounts payable to bona fide members; And it is hereby expressly provided that nothing in this Article contained shall in any way limit or derogate from the powers of the Directors as set forth in these Articles in respect of those members who by virtue of a substantial compliance with the definition of bona fide member are, in the discretion of the Directors, treated as bona fide members. REBATES. 150. The Directors may from time to time allow to members purchasing goods, supplies, or services from the Company such rebate, allowance, or commission as they may think fit; and they may, in addition thereto, if they think proper, from time to time allocate to and distribute on such basis as they may consider equitable by way of bonus or otherwise amongst such members all or any part of the surpluses resulting from such operation. OTHER INCOME 151. All income of the Company or any part thereof other than income arising from or in relation to supply or sale of dairy-produce may, at the discretion of the Directors, be transferred and added to the net annual returns set out in Article 145 hereof, or, if so recommended by the Directors, the Company in general meeting may distribute the same amongst all members in proportion to the capital paid up on the shares held by them respectively. • Should such other income of the Company or any paft thereof be so divided amongst all members in proportion to the capital paid up on the shares held by them respectively, no interest shall be payable thereon by the Company if any such dividend should remain unclaimed for any period. If any such dividend should remain unclaimed for a period of five years after the declaration thereof, the Directors may forfeit the same for the benefit of the Company. LIEN FOR GOODS SUPPLIED 152. The Company shall have a first and paramount lien for moneys due by any supplier or member for goods, stores, merchandise, or other chattels or services supplied to him and for the debts, liabilities, and engagements (whether solely or jointly with any other person to or with the Company) of any supplier or member upon the moneys due to any supplier or member for any dairy-produce
Use your Papers Past website account to correct newspaper text.
By creating and using this account you agree to our terms of use.
Your session has expired.