Section 331: Declaration of dividends

331. Declaration of dividends (1) After payment of all preferential claims subject to the retention of such sums as may be necessary for the costs of administration or otherwise, the Official Receiver or a liquidator shall, for the purposes of section 329, with all convenient speed, declare and distribute, in the prescribed manner, dividends among the creditors who have proved their debts to his satisfaction. (2) Any dividend declared by the Official Receiver or liquidator shall, subject to this section, consist of all money in his hands at the time of the declaration of the dividend. continued on page I14 – 179 I14 – 178 (1) [Issue 7] Revised Laws of Mauritius (3) The first dividend, if any, shall be declared and distributed within 6 months after the appointment of the Official Receiver or a liquidator, unless the Official Receiver or liquidator, after consulting the committee of inspection (if any), is satisfied that there is sufficient reason for postponing the declaration of the dividend to a later date. (4) Subsequent dividends shall, in the absence of sufficient reason to the contrary, be declared and distributed at intervals of not more than 6 months.