PREFERENCE SHARES (REGULATION OF DIVIDENDS) ACT, 1960

PREFERENCE SHARES (REGULATION OF DIVIDENDS) ACT, 1960

[63 of 1960]

[AS AMENDED UP TO DATE]

An Act to regulate dividends on preference shares of certain companies.

BE it enacted by Parliament in the Eleventh Year of the Republic of India as follows :-

Short title and commencement.

1. (1) This Act may be called the Preference Shares (Regulation of Dividends) Act, 1960.

(2) It extends to the whole of India :

Provided that it shall not apply to the State of Jammu and Kashmir except to the extent to which the provisions of this Act relate to the regulation of dividends on preference shares of banking and insurance companies and financial corporations.

(3) Notwithstanding anything contained in sub-section (2) the provisions of this Act shall, in their application to the Union territory of Pondicherry, have effect subject to the modifications specified in the Schedule.