SCHEDULE 3MODEL ARTICLES FOR PUBLIC COMPANIES
PART 4SHARES AND DISTRIBUTIONS
DISTRIBUTIONS
Payment of dividends and other distributionsI172
1
Where a dividend or other sum which is a distribution is payable in respect of a share, it must be paid by one or more of the following means—
a
transfer to a bank or building society account specified by the distribution recipient either in writing or as the directors may otherwise decide;
b
sending a cheque made payable to the distribution recipient by post to the distribution recipient at the distribution recipient’s registered address (if the distribution recipient is a holder of the share), or (in any other case) to an address specified by the distribution recipient either in writing or as the directors may otherwise decide;
c
sending a cheque made payable to such person by post to such person at such address as the distribution recipient has specified either in writing or as the directors may otherwise decide; or
d
any other means of payment as the directors agree with the distribution recipient either in writing or by such other means as the directors decide.
2
In the articles, “the distribution recipient” means, in respect of a share in respect of which a dividend or other sum is payable—
a
the holder of the share; or
b
if the share has two or more joint holders, whichever of them is named first in the register of members; or
c
if the holder is no longer entitled to the share by reason of death or bankruptcy, or otherwise by operation of law, the transmittee.