As of 4 January 2016, the Articles of Association of the Hotel Fund were amended. Appropriation of profit is provided for in Article 20 of the new Articles of Association. This specific article is quoted below.
The distributable profit shall be at the disposal of the General Meeting for distribution of dividend or in order to be added to the reserves. If the General Meeting has made a decision about profit distribution not later than immediately prior to or after the adoption of the financial statements, the distributable profit will be added to the reserves.
Distribution of profits shall take place after the adoption of the financial statements which show that the distribution is permitted.
The General Meeting may resolve to distribute one or more interim dividends and/or other interim distributions. The Board of Directors may also resolve to distribute one or more interim dividends.
Dividends shall be payable immediately after they have been declared, unless the General Meeting provides otherwise.
Distribution to shareholders may be made only to the extent of distributable equity and if an interim dividend is paid, that requirement is met according to an interim financial statement as referred to in Article 2:105 Section 4 of the Dutch Civil Code. The Fund shall deposit the interim financial statements at the offices of the Chamber of Commerce (Commercial Register) within eight days after the date of the decision to make an interim distribution.
In calculating the appropriation of profits, the shares held by the Fund in its own share capital shall not be taken into account.