Section 82 in The Orissa State Financial Corporation General Regulations, 2003
82. Dividends.
- (i) Dividends declared shall be paid as soon, as may be, but ordinarily not later than 42 days, after the annual accounts are discussed and adopted at the general meeting.(ii)No interest shall be payable by the Corporation on any dividend.(iii)Any one of several persons who are registered as joint holders of any share may give effectual receipts for all dividends in respect of such share.(iv)A dividend shall be paid by cheque or warrant drawn on the Corporation's bankers at the place where its Head Office is situated, and shall be sent to the registered address in India of the shareholder entitled or in the case of joint holders to the registered address in India of the one whose name stands first on the register in respect of the joint holding, and every cheque and warrant so sent shall be made payable to the order of the shareholder to whom it is sent.(v)The Corporation shall not make payment of a dividend to any person not entitled thereto under the Act or these Regulations but shall retain the same and make payment thereof to the person who next becomes registered in respect of the shares on which such dividend is payable.(vi)No shareholder shall be entitled to receive payment of any dividend in respect of his shares until all moneys due or owing by him to the Corporation in respect of such shares have been paid.(vii)Dividend remaining unpaid or unclaimed for a period of three years from the date of declaration shall be transferred to the Special Reserve Fund established under Section 35A(I).
