Companies Act, 2013

Company Liquidation Dividend and Undistributed Assets Account.

352. (1) Where any company is being wound up and the liquidator has in his hands or under his control any money representing-

(a)	-	dividends payable to any creditor but which had remained unpaid for six months after the date on which they were declared; or
(b)	-	assets refundable to any contributory which have remained undistributed for six months after the date on which they become refundable,

the liquidator shall forthwith deposit the said money into a separate special account to be known as the Company Liquidation Dividend and Undistributed Assets Account maintained in a scheduled bank.

(2) The liquidator shall, on the dissolution of the company, pay into the Company Liquidation Dividend and Undistributed Assets Account any money representing unpaid dividends or undistributed assets in his hands at the date of dissolution.

(3) The liquidator shall, when making any payment referred to in sub-sections (1) and (2), furnish to the Registrar, a statement in the prescribed form, setting forth, in respect of all sums included in such payment, the nature of the sums, the n .... To read the full section download the app from Google Play store