Dividend - Transfer to bank Account

[[b]size=14]hello
We are a Private Company & we have only 3 shareholders. The board declared dividend few days ago. My question is
Section 205 (1A) prescribes transfer to bank account within 5 days

Can we pay the dividend direictly out of our accounts within 5 days WITHOUT transferring to any special account - This would help since otherwise we have to move the amount to designated account and then pay - practically we can pay out the dividend by cheque or demanddraft to the shareholder within 5 days. Will this be right?

Can anybody pl clarify

Asc prasad[/size][/b]