85For the amount of any dividend that the directors may lawfully declare payable in money, they may issue therefor shares of the company as fully paid, or they may credit the amount of the dividend on the shares of the company already issued but not fully paid, and the liability of the holders of such shares thereon is reduced by the amount of such dividend, if the directors have been authorized to do so by a by-law that has been sanctioned by at least two-thirds of the votes cast at a special general meeting of the shareholders of the company duly called for considering the same, but any such by-law has no force or effect for more than one year from the date of its sanction.
85For the amount of any dividend that the directors may lawfully declare payable in money, they may issue therefor shares of the company as fully paid, or they may credit the amount of the dividend on the shares of the company already issued but not fully paid, and the liability of the holders of such shares thereon is reduced by the amount of such dividend, if the directors have been authorized to do so by a by-law that has been sanctioned by at least two-thirds of the votes cast at a special general meeting of the shareholders of the company duly called for considering the same, but any such by-law has no force or effect for more than one year from the date of its sanction.