Section 147G
of International Business Companies Order, 2000
Section 147G
(2)
The proceeds of the issue of shares other than dedicated shares created and issued by a DCC shall be comprised in the company’s general assets.
(3)
A DCC may pay a dividend (a “cellular dividend”) in respect of dedicated shares.
(4)
Cellular dividends may be paid in respect of dedicated shares by reference only to the dedicated assets and liabilities, or the profits, attributable to the cell in respect of which the dedicated shares were issued; and accordingly, in determining whether or not profits are available for the purpose of paying a cellular dividend, no account need be taken of –
(a)
the profits and losses, or the assets and liabilities, attributable to any other cell of the company; or
(b)
general profits and losses, or assets and liabilities.
Reduction of dedicated share capital.