Section 76 - Declaration of dividends

(1) Subject to sections 72 and 75, and in the case of a private company, its registered constitution where applicable, a company may, by ordinary resolution, declare dividends in respect of a year or any other specified period, but a dividend shall not exceed the amount recommended by the directors.

(2) In relation to public companies, subsection (1) shall be supplemented by section 321.

(3) A dividend shall be paid within sixty days after the resolution of the shareholders confirming payments or after dividends have become payable.

(4) Where a dividend is to be paid in accordance with subsection (3), the shareholders shall be notified of the amount of dividend recommended by directors for payment.

(5) A registered constitution of a company may prescribe modes for the payment of dividend without reference to the resolution of the shareholders.