Section 63: Dividends

63. Dividends (1) A dividend shall be a distribution other than a distribution to which sections 68 and 81 apply. [Issue 1] C35 – 50 Revised Laws of Mauritius (2) The Board shall not authorise a dividend— (a) in respect of some but not all the shares in a class; (b) of a greater amount in respect of some shares in a class than other shares in that class except where— (i) the amount of the dividend is reduced in proportion to any liability attached to the shares under the constitution; (ii) a shareholder has agreed in writing to receive no dividend, or a lesser dividend than would otherwise be payable; (c) unless it is paid out of retained earnings, after having made good any accumulated losses at the beginning of the accounting period.