SCHEDULE 3MODEL ARTICLES FOR PUBLIC COMPANIES
PART 4SHARES AND DISTRIBUTIONS
DISTRIBUTIONS
Calculation of dividendsI171
1
Except as otherwise provided by the articles or the rights attached to shares, all dividends must be—
a
declared and paid according to the amounts paid up on the shares on which the dividend is paid, and
b
apportioned and paid proportionately to the amounts paid up on the shares during any portion or portions of the period in respect of which the dividend is paid.
2
If any share is issued on terms providing that it ranks for dividend as from a particular date, that share ranks for dividend accordingly.
3
For the purposes of calculating dividends, no account is to be taken of any amount which has been paid up on a share in advance of the due date for payment of that amount.