Preference Shares (Regulation of Dividend) Act,1960

Act No : 63

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Section : Over-riding effect of Act.

5.Over-riding effect of Act. (1) The provisions of this Act shall have effect notwithstanding anything to the contrary contained in any law for the time being in force or in the memorandum or articles of a company or in any agreement between the company and its shareholders or in any resolution passed by the company in a general meeting or by its Board of directors. (2) Notwithstanding anything contained in this Act, a company may, in the manner provided in section 106 of the Companies Act, increase the amount of dividend in respect of a preference share beyond the limit specified in section 3 or section 4 of this Act. ---------------------------------------------------------------------- 1 Ins. by Act 10 of 1965, s. 72 (w.e.f. 1-4-1965). 2 Subs. by Act 13 of 1966, s. 52, for certain words (w.e.f. 1-4- 1966). ---------------------------------------------------------------------- 563

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