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Rule 84: Company Liquidator’s Dividend Account · Complied AI

Chapter 37
Rule 84

Rule 84Chapter 37

Company Liquidator’s Dividend Account

Company Liquidator’s Dividend Account.- The Company Liquidator shall also open a separate dividend account for the company under liquidation with the sanction of the Tribunal, in any scheduled bank, under the name ‘the Dividend Account of.. (name of the company) in liquidation’ into which account he shall, upon a declaration of dividend being made in the winding up of the company, deposit by transfer from special bank account, the total amount of the dividend payable upon such declaration and there shall be a separate such account in respect of each declaration of dividend and all payments of dividend shall be made from the said Company Liquidator’s dividend account and any unpaid balance in the said account shall be transferred to the Company Liquidation Dividend and Undistributed Assets Account referred to in sub-section (1) of section 352, and all payments of dividends shall be made by cheques or through Electronic Clearing System drawn against the said account.

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