Section 73 - Unclaimed dividends accounts

(1) 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

(a) open an interest bearing unclaimed dividend account, and

(b) credit to that account the total amount of the unclaimed dividend of its shareholders unless that account has already been opened.

(2) 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 (b) of subsection (1), the company shall pay to the Registrar the total amount of the unclaimed dividend plus interest accrued on the amount.

(3) The Registrar shall pay into the account under subsection (4)

(a) the amount received under subsection (2), and

(b) the amount received under subsection (3) of section 74.

(4) The Registrar shall with the approval of the Board open an interest bearing bank account for the safe keeping of moneys received from any company under subsection (2).

(5) The Registrar is responsible for the moneys lodged and disbursed from the interest bearing account.

(6) The company shall on the date of the payment under subsection (2), notify the respective shareholder or the estate of the shareholder at the last address known to the company of the payment made in respect of the dividend.

(7) The shareholder or the estate of the shareholder shall on providing satisfactory evidence, be entitled to make a claim for the dividend and any accrued interest during the period that the

(a) company had possession of the dividend under subsection (1); and

(b) Registrar had possession of the dividend under subsection (3).

(8) The Registrar shall publish annually in the Companies Bulletin and in a daily newspaper of national circulation, details of shareholders whose dividends have been transferred to the Registrar for safe keeping.