这句话的结构确实很复杂。

在翻译过程中，应首先找到主句，把带有连词或关系代词（before、as和which）的部分拿掉，这样原句就剩下：“The board may, set aside out of the profits of the Company such sums, and pending such application may, at the like discretion, either be employed in the business of the Company or be invested in such investments (other than shares of the Company”部分。

但该句话是否就是全句话的主干成分还需进一步的推敲，因为句子中间有一个“and”和一个“or”表示并列，而“and”和“or”后面没有做主语的名词，则需要搞清楚“and”和“or”的主语是“the board”还是前面的关系代词“which”，换句话说，“and”和“or”后面的“be employed”和“be invested”究竟是与主句的谓语动词“set aside”并列，还是与前面由“which”引导的定语从句中的谓语动词“be applicable”并列。

如果与“set aside”并列，则“and”和“or”后面的谓语部分属于主句的谓语部分，但“be employed”和“be invested”若与“be applicable”并列，则属于定语从句的谓语部分。因为“be employed”和“be invested”的主语不可能是“the board”，“the board”不可能“be invested”。

因此，可以断定，该句主句只有“The board may, set aside out of the profits of the Company such sums”（董事会可以从公司利润中留存部分金额），其余“……before recommending any dividend... as it thinks proper as a reserve or reserves which shall, at the discretion of the Board, be applicable for any purpose to which the profits of the Company may be properly applied, and pending such application may, at the like discretion, either be employed in the business of the Company or be invested in such investments (other than shares of the Company) as the Board may from time to time think fit”都是修饰限定语。

但在修饰限定语中，除了“before recommending any dividend”（在建议分红之前），结构也不简单。“as it thinks proper as a reserve or reserves”（董事会认为恰当的数额作为储备金）作前面“such sums”的定语；由“which”引导的“which shall, at the discretion of the Board, be applicable for any purpose to which the profits of the Company may be properly applied, and pending such application may, at the like discretion, either be employed in the business of the Company or be invested in such investments (other than shares of the Company) as the Board may from time to time thinks fit”做“reserve or reserves”的定语，而这个定语从句的主干成分为“which shall..., be applicable for any purpose..., and either be employed in the business of the Company or be invested in such investments (other than shares of the Company,”部分；“to which the profits of the Company may be properly applied”用来限定“any purpose”（目的），表示“用于公司利润可以正当使用的任何目的”，而“as the Board may from time to time think fit”则限定“such investments”，表示“董事会任何时候认为合适的这类投资”。

这样，整句话意思为：在建议分红之前，董事会可以从公司的利润中留存部分其认为合适的利润额作为储备金，这些储备金将由董事会决定用于公司利润可以正当使用的任何目的，而且，这些储备金在使用之前（闲置时），董事会可以决定将其用于公司业务中或投资于董事会任何时候认为合适的此类投资业务（投资公司股票除外）。