Preference Shares (Regulation of Dividend) Act,1960

Act No : 63

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Section : Power to make rules.

6.Act not to apply to participating preference dividends. Nothing contained in 1[section 3 or section 4] shall apply to such part of any dividend on preference shares as is referred to in clause (i) of the Explanation to sub-section (1) of section 85 of the Companies Act. 7. 7.Power to make rules. (1) The Central Government may, by notification in the Official Gazette, make rules for carrying out the purposes of this Act. (2) Every rule made under this section shall be laid as soon as may be after it is made before each House of Parliament while it is in session for a total period of thirty days which may be comprised in one session or in two successive sessions, and if, before the expiry of the session in which it is so laid or the session immediately following, both Houses agree in making any modification in the rule or both Houses agree that the rule should not be made, the rule shall thereafter have effect only in such modified form or be of no effect, as the-case may be, so, however, that any such modification or annul- ment shall be without prejudice to the validity of anything previously done under that rule.

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