9911796707
TMI BlogInsertion of new sections 28B and 28C.X X X X Extracts X X X X X X X X Extracts X X X X ..... ) for such year arrived at after providing for depreciation, or for any previous financial year or years arrived at after providing for depreciation and remaining undistributed, or out of both the aforesaid surpluses and profits: Provided that no dividend shall be declared or paid by the Corporation from its reserves other than free reserves: Provided further that no dividend shall be declared or paid by the Corporation unless any losses carried over from previous years and any depreciation not provided for in previous years are set off against the surpluses and profits referred to in sub-section (2) of section 28 for the financial year for which the dividend is proposed to be declared or paid. (2) The Board may, during any financi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... luses and profits referred to in sub-section (2) of section 28 for the purpose of issuing fully paid-up bonus shares or paying up any amount for the time being unpaid on any share held by members: Provided further that any dividend payable in cash may be paid by cheque or warrant or in any electronic mode to the member entitled to such payment. Unpaid Dividend Account. 28C. (1) Where a dividend has been declared by the Corporation but has not been paid or claimed within thirty days from the date of declaration to any member entitled to payment thereof, the Corporation shall, within seven days from the expiry of the said period of thirty days, transfer the total amount of dividend which remains unpaid or unclaimed to a special a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t and shall be deemed to be an amount credited to the said Fund under sub-section (2) of the said section. (6) All shares in respect of which dividend has not been paid or claimed for seven consecutive years or more shall be transferred by the Corporation in the name of the Investor Education and Protection Fund along with a statement containing such details as may be prescribed: Provided that every claimant of such shares shall be entitled to claim the transfer thereof from the said Fund in accordance with such procedure and on submission of such documents as may be prescribed. Explanation .-For the removal of doubts, it is hereby clarified that in case any dividend is paid or claimed for any year during the said period of seve ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
