Section 23, The Diamond Agreements Shor: ti~Ie

The marginal notes are intended for convenience of reference onlyand shall not affect the construction or interpretation of this Licence. IN WITNESS whereof the Governor has hereunto set his hand and seal and the Company have caused their Common Seal to be hereunto affixed the day and year first above written. THE ScHEDULE. The " net profit " in any one year shall be ascertained in manner following- (a) The profit of the Company resulting from the production and sale of diamond and other minerals recovered in conjunction with the recovery of diamond shall be calculated in accordance with good accountancy practice and shall be ascertained after charging all operating and overhead expenses and depreciations including the said annual sum of £7,000 or proportion thereof payable in accordance with Clause 3 of the Licence which shall be charged in the Company's operating accounts as rent payable and all interest payable on capital sums borrowed except to the extent that such interest may be covered by interest receivable. In ascertaining the profit for each accounting period the stock of unsold diamond and of such other mineral as aforesaid held by the Company at the close of such period shall be valued for the purposes of the account at the nominal figure of £1. (b) There shall be deducted from the profits ascertained in accordance with (a) above- (1) An amount of five per centum of the profit so ascertained and this sum shall be transferred to general reserve. (2) The amount of any losses brought forward from previous accounting periods except to the extent (if any) that such losses may be reduced by transfers from the general reserve. The balance thus ascertained shall be deemed to be the " net profit " as referred to in Clause 4 of the Licence. (c) The amount of " net profit " referred to above shall be certified by the auditors approved under Sub-clause (2) of Clause 10 of the Licence. In the event of any difference of opinion concerning the ascertainment of the " net profit " in any one year the matter shall be referred for decision to an independent firm of chartered accountants to be agreed upon between the Government and the Company and in default of agreement to be appointed by the President for the time being of the Institute of Chartered Accountants in London. The decision of such independent firm of chartered accountants shall be final and binding upon the parties. by the above-named Tho~as (sd.) T. N. GODDARD. Nelson Goddard, Actmg Signed Sealed and Delivered} Governor in. the presence of (sd.) A. H. POYNTON. The Common Seal of Sierra Leone Selection} Trust Limited was hereunto affixed in the presence of (sd.) A. CHESTER BEATTY, }D· t (sd.) C. W. BOISF~, Irec ors. (sd.) ROBERT D. PETERS, Secretary. Signed Sealed and Delivered1 by Sir William Frederick Gowers one of the Crown (sd.) W. F. GOWERS (L.S.) Agents for the Colonies inj the presence of- F. G. BRADSTREET, Civil Servant, 4, Millbank, Westminster. The Common Seal of Consolidated African} Selection Trust Limited was hereunto affixed in the presence of- (sd.) A. CHESTER BEATTY, }D· t (sd.) C. W. BOISE, Irec ors. (sd.) ROBERT D. PETERS, Secretary. 2164 Cap. 207] Diamond Agreement (1934 and 1935)