board resolution

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nita

nita (Querist)
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19 February 2010 required format of board resolution for declaration of interim dividend?

Ankur Garg

Ankur Garg (Expert)
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19 February 2010 BOARD MEETING RESOLUTION FOR PAYMENT OF INTERIM DIVIDEND

RESOLVED THAT an interim dividend of 10% (Rs 5.00 per share) amounting to Rs _________ be paid out of the profits of the Company for the year 2009-10 on the equity shares to those share holders whose names appear in the Register of Members of the Company on ___________.

RESOLVED FURTHER THAT the Board of directors of the Company be and hereby declare the Record date as ___________ to ascertain the eligibility of members to receive the interim dividend and that a notice in newspaper be published as required u/s 154 of the Companies Act, 1956.

RESOLVED FURTHER THAT a Bank Account Styled ABC LIMITED (INTERIM DIVIDEND) ACCOUNT 2009-10 be opened with Bank of India, Delhi and a sum of Rs.__________ being the entire amount of interim dividend, be transferred to the aforesaid account on or before fifth day of the approval by the Board for payment of interim dividend.

RESOLVED FURTHER THAT the dividend warrants be printed with the facsimile signature of Mr. A, Managing Director and that the Bank be and is hereby instructed to honour all dividend warrants presented for payment, containing the facsimile signature.

RESOLVED FURTHER THAT dividend warrants be posted to the eligible shareholders within 30 days hereof.

RESOLVED FURTHER THAT the amounts remaining unpaid on the dividend account be transferred to UNPAID INTERIM DIVIDEND ACCOUNT 2009-10 on the expiry of 37 days from the date of declaration by the Board.

RESOLVED FURTHER THAT Mr. Jay Kumar, Company Secretary be and is hereby instructed to comply with all other formalities in this regard.

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