(1)Where, after the commencement of the Companies (Amendment) Act, 1974 (41 of 1974), a dividend has been declared by a company but has not been paid, [or claimed] [Substituted by Act 65 of 1960, Section 58 (w.e.f. 28.12.1960). ],[within [thirty days] [Inserted by Act 41 of 1974, Section 19 (w.e.f. 1.2.1975). ][from the date of the declaration, to any shareholder entitled to the payment of the dividend, the company shall, within seven days from the date of expiry of the said period of [thirty days] [Inserted by Act 41 of 1974, Section 19 (w.e.f. 1.2.1975). ],[transfer the total amount of dividend which remains unpaid [or unclaimed] [Inserted by Act 41 of 1974, Section 19 (w.e.f. 1.2.1975). ] [within the said period of [thirty days] [Inserted by Act 41 of 1974, Section 19 (w.e.f. 1.2.1975). ],[to a special account to be opened by the company in that behalf in any scheduled bank, to be called "Unpaid Dividend Account of .......... Company Limited/ Company (Private) Limited".[Explanation .-In this sub-section, the expression "dividend which remains unpaid" means any dividend the warrant in respect thereof has not been encashed or which has otherwise not been paid or claimed.] [Inserted by Act 41 of 1974, Section 19 (w.e.f. 1.2.1975). ]
