Payment of dividend section 123 sub- section 5

Section 123 relates to Provision of Dividend, and sub- section (5) Indicates Dividend shall not be payable by any other mode Except Cash.
Provison to this sub-section also includes that cash may include payment by way of cheque or warrant or any other Electronic mode to such Registered Shareholder.

Another Provisio to which your Query Relates, indirectly means that section 123 will not be applicable to Issue of Fully paid Bonus shares or Giving Bonus in form of Converting Partly Paid up shares into Fully paid up shares.
Therefore Provisions of section 123 are not applicable to issue of Bonus, where Reserves are capitalized or paying up Unpaid Amount of Partly Paid up shares for shareholders in form of Bonus.

Thank you very much for the answer.