Section 3(4) in The Preference Shares (Regulation Of Dividends) Act, 1960
(4)Where a company has in relation to a preference share issued and subscribed for before the 1st April, 1960 declared,-(a)after the 31st March, 1959, and before the 1st July, 1960, a dividend in respect of a previous year relevant to its assessment year 1960-61 or a subsequent assessment year, or(b)after the 30th June 1960, and before the commencement of this Act, a dividend in respect of any previous year, it shall declare, in respect of the said previous year, an additional dividend of such amount as, together with the dividend already declared, would exceed the stipulated dividend-(i)by thirty per cent. of the stipulated dividend in the cases referred to in sub-section (1), or(ii)by eleven per cent. of the stipulated dividend in the cases referred to in sub-section (3).
