21Distribution of dividends

21 Distribution of dividends

(1)  The Board or the board of directors of any subsidiary of the Corporation must determine a dividend policy for the Corporation or subsidiary.

(2)  The dividend policy of the Corporation or of any subsidiary of the Corporation is to –

(a) [Section 21 Subsection (2) amended by No. 23 of 2018, s. 8, Applied:10 Dec 2018] establish the aggregate amount, and the basis of determining the aggregate amount, of dividends payable to members, who are not the Crown, in respect of any period; and

(b) be determined having due regard to the provisions of the shareholders' letter of expectation; and

(c) be consistent with good commercial practice; and

(d) [Section 21 Subsection (2) amended by No. 23 of 2018, s. 8, Applied:10 Dec 2018] require adequate provision to be made for expected future capital requirements and operational expenditure before the payment of any dividend to members who are not the Crown.

(3)  [Section 21 Subsection (3) amended by No. 23 of 2018, s. 8, Applied:10 Dec 2018] In setting out the rights attaching to each class of shares for the purposes of section 11(2)(a) , the constitution of the Corporation is to provide for the allocation of the aggregate amount of dividends amongst members who are not the Crown.

(4)  [Section 21 Subsection (4) inserted by No. 23 of 2018, s. 8, Applied:10 Dec 2018] The constitution of the Corporation must not provide that the Crown is entitled to any dividends or that dividends may be paid to the Crown.