The Board of Directors of Prince Ltd. passed a resolution at its 50th meeting for recommending declaration of dividend out of reserves. Prepare specimen extracts of minutes containing the board resolution. Assume facts a

SPECIMEN EXTRACTS OF MINUTES CONTAINING THE BOARD RESOLUTION FOR RECOMMENDING DECLARATION OF DIVIDEND OUT OF RESERVES The Chairman informed the meeting that the profits of the current year, i.e. the financial year ended on the 31st March, 2019 are inadequate for payment of a reasonable amount of dividend to the members of the company. He further informed that the free reserves of the company do, however, permit the distribution of dividend not exceeding the average of the rates at which dividend was declared by it in the three years immediately preceding that year. The directors considered the matter and passed the following resolution: 'RESOLVED THAT the Board of directors of the company do hereby recommend to the members of the company, the declaration and payment of a dividend at the rate of ten per cent on all the fully paid equity shares of the company out of the free reserves of the company that stood in the books of the company on [Insert Date, e.g., 31st March] 2019 absorbing a total of ₹[Insert Amount, e.g., 5,00,000], with due compliance of the Companies (Declaration and Payment of Dividend) Rules, 2014, and that, subject to the declaration by the members at the forthcoming annual general meeting, to the holders of the equity shares whose names will appear on the register of members on [Insert Date, e.g., 15th October] 2019.'