Companies urged to abide by unclaimed dividend provisions in new Companies Act – Citi Business News
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Companies urged to abide by unclaimed dividend provisions in new Companies Act – Citi Business News


Summary short_text

Companies who are expected to pay dividends to their shareholders are being cautioned against flouting Sections 73 and 74 of the new Companies Act, Act 992.

Below are details of Section 73 and Section 74 of Act 992 Where any dividend declared by a company cannot be paid by reason of the dividends being unclaimed by the member entitled to the dividend and remains unclaimed for a period of three months, the company shall forthwith.

Where payment of the dividend cannot be made or is not claimed within a further period of twelve months after the transfer made under paragraph of subsection, the company shall pay to the Registrar the total amount of the unclaimed dividend plus interest accrued on the amount.


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