45. Dividends upon the capital stock of the corporation, when earned, may be declared by the board of directors at any regular or special meeting.

Before payment of any dividend or making any distribution of profits, there shall be set aside out of the surplus or net profits of the corporation such sum or sums as the directors from time to time, in their absolute discretion, think proper as a reserve fund to meet contingencies, or for equalizing dividends, or for repairing or maintaining any property of the corporation, or for such other purpose as the directors shall think conducive to the interests of the corporation.

(26) Directors' Annual Statement

46. The board of directors shall be present at each annual meeting, and when called for by the stockholders, at any special meeting of the stockholders, a full and clear statement of the business and condition of the corporation.