1. The board may, after provision for the required reserves, declare a dividend to be paid from the remaining net earnings at a rate, interval and upon such shares as they determine. Dividends shall be paid on all paid-up shares outstanding at the close of the period for which the dividend is declared.
2. Shares which become fully paid-up during such dividend period and are outstanding at the close of the period are entitled to a proportional part of such dividend.
3. Dividend credit for a month may be accrued on shares which are or become fully paid up during that month.