Appropriation of Profit
Provisions of the Articles of
Incorporation concerning the
Distribution of Profit
In accordance with Article 31, paragraphs 4 and 5, of the
Articles of Incorporation of FGH BANK N.V., as adopted
on December 29, 1995, the provisions concerning the
appropriation of profit are as follows:
Reserves
Par. (4) First, any losses from previous years shall be
made good from the profit as shown in the adopted
financial statements insofar as such losses have not
been set off by other means, then the reserves required
by law shall be formed.
Par. (5) The profit remaining after application of the
provisions specified in the preceding paragraph shall be
at the disposal of the General Meeting of Shareholders.
The General Meeting of Shareholders shall also have
power to abolish all or part of the reserves other than
statutory reserves and allocate them for payment.
Distribution of the profit for 1996
Pending a resolution on this matter by the General
Meeting of Shareholders, the whole net profit
totalling NLG 84.5 million have been added to the
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reserves.