Section 62 in Orissa State Financial Corporation General Regulations, 1957
62. Dividends.
(1)Dividends shall be declared and paid as soon as may be after the closing of the annual accounts.(2)No interest shall be payable by the Corporation on any dividend.(3)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.(4)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 sent to the registered address of the shareholder entitled, or in the case of joint holders, to the registered address of the one whose name stands first on the register in respect of the joint holding and every cheque or warrant so sent shall be made payable to the order of the shareholder to whom it is sent.(5)The Corporation shall not make payment of a dividend to any person not entitled thereto under the Act or these Regulations, and in a case where there is no person entitled to such payment, the Corporation shall retain the same and make payment thereof to the person who thereafter becomes registered in respect of the shares on which such dividend is payable.(6)No shareholder shall be entitled to receive payment of any dividend in respect of his share until all moneys due or owing by him to the Corporation in respect of such shares have been paid.
