206. Dividend not to be paid except to registered shareholders or to their order or to their bankers .-
(1)No dividend shall be paid by a company in respect of any share therein, except,-(a)to the registered holder of such share or to his order or to his bankers; or(b)in case a share warrant has been issued in respect of the share in pursuance of section 114, to the bearer of such warrant or to his bankers.(2)Nothing contained in sub-section (1) shall be deemed to require the bankers of a registered shareholder to make a separate application to the company for the payment of the dividend.
