{
  "url": "https://openlegislation.uk/companies-consolidation-act-1908/schedule-FIRST/paragraph-99",
  "json_url": "https://openlegislation.uk/companies-consolidation-act-1908/schedule-FIRST/paragraph-99.json",
  "legislation": "ukpga/Edw7/8/69",
  "legislation_title": "Companies (Consolidation) Act 1908",
  "legislation_url": "https://openlegislation.uk/companies-consolidation-act-1908",
  "path": "schedule/FIRST/paragraph/99",
  "kind": "paragraph",
  "number": "99",
  "heading": null,
  "text": "The directors may, before recommending any dividend, set aside out of the profits of the company such sums as they think proper as a reserve or reserves which shall, at the discretion of the directors, be applicable for meeting contingencies, or for equalising dividends, or for any other purpose to which the profits of the company may be properly applied, and pending such application may, at the like discretion, either be employed in the business of the company or be invested in such investments (other than shares of the company) as the directors may from time to time think fit.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/Edw7/8/69/schedule/FIRST/paragraph/99",
    "retrieved_at": "2026-10-29T12:20:55.325260+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}