Appropriation of Earnings
Provisions of the Articles of Incorporation concerning
Appropriation of Earnings
According to Article 36 of the Articles of Incorporation of Friesch-Groningsche
Hypotheekbank N.V., as last amended on January 311983, the provisions concerning
appropriation of earnings are as follows:
Reserves:
1From the earnings as shown in the approved income statement, such amounts shall
be added to reserves as the executive board, with the approval of the board of
directors, shall determine.
Dividend:
2. From the remainder, if and insofar as it is permitted pursuant to the provisions of
Section 105 (2), Book 2 of the Dutch Civil Code, the holders of preferred stock shall
be paid a dividend on the paid-in amount of their preferred stock of a percentage
equal to two points above the discount rate for promissory notes set by
De Nederlandsche Bank N.V. for the first day of trading of the financial year to
which the dividend relates, or of as much less than this as is available.
3. From what remains, if and insofar as it is permitted pursuant to the provisions of
Section 105 (2), Book 2 of the Dutch Civil Code, the holders of common stock shall
be paid a dividend in accordance with the provisions of Articles 37 and 38.
Appropriation of Earnings for 1985
The total amount of net earnings of NLG 10.6 million has been appropriated to the
general reserve.
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