New York Clauses Relating to Dividends, Distributions
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How to fill out Clauses Relating To Dividends, Distributions?
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FAQ
A Final Dividend is an amount declared by the board of directors after the company issues its financial statements. It is declared in the Annual General Meeting, once the BOD is sure of the company's financial health, cash flow, liquidity and other factors.
The company makes a provision for the dividend payable. It means it has made short-term fund arrangements to manage the actual dividend payment post-approval. This article explores key information about the proposed dividend to help you understand its relevance for a company and its shareholders.
Key Takeaways For companies, dividends are a liability because they reduce the company's assets by the total amount of dividend payments. The company deducts the value of the dividend payments from its retained earnings and transfers the amount to a temporary sub-account called dividends payable.
Approval by the Shareholders The dividend recommended by the Board of Directors is declared by a resolution passed at the Annual General Meeting by the shareholders. The declaration of dividend should form part of an ordinary business item to be transacted in the notice of the Annual General Meeting.
A shareholder can obtain an injunction compelling payment of a reasonable dividend where the corporation is withholding dividends in bad faith for a fraudulent or abusive purpose. Once a dividend has been declared by the corporation, it is a debt of the corporation, and shareholders may bring suit to compel payment.
Section 123 (1)(a) of the Companies Act, 2013 provides that no dividend shall be declared or paid by a company for any financial year except out of the profits of the company for that year or out of the profits of the company for any previous financial years arrived at after providing for depreciation in ance ...