Profits available for payment of dividends

In force

(1)

A territory-owned corporation or subsidiary must pay a dividend only out of profits lawfully available for the purpose.

(2)

For the purpose of calculating the profits that, in relation to a financial year, are available for the payment of a dividend, the directors must deduct from the profits of the company for that year any amount that, under another Act, is payable out of those profits.

This Act’s bill:Explanatory statement

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32 Profits available for payment of dividends