Counter-Inflation Act 1973

10 Restrictions on dividends

(1) The Treasury shall have power to restrict the declaration or payment of ordinary dividends by companies at any time when this Part of this Act is in force.

(2) The powers conferred by subsection (1) above shall be exercisable by order, or by notice given to the company, or each of the companies, affected by the notice.

(3) Without prejudice to the generality of subsection (1) above, an order or notice under this section may—

(a) provide for the basis on which any comparison is to be made with the declaration or payment of any earlier dividends by the companies concerned ;

(b) prohibit any company to which it applies from making any such distribution as may be specified in the order or notice;

(c) prohibit any such company from assuming any obligation, whether conditional or otherwise, to make any such distribution as may be so specified; and

(d) make provision for the giving of consents, whether by the Treasury or by one of the Agencies, to the doing of anything otherwise prohibited by the order or notice.

(4) This section shall apply to every company incorporated under the law of any part of the United Kingdom; but nothing in this section shall apply to companies not so incorporated.

(5) An order under this section shall be subject to annulment in pursuance of a resolution of either House of Parliament.