Preference Shares (Regulation of Dividend) Act : Definitions. Indian Bare Acts :

Preference Shares (Regulation of Dividend) Act,1960

Act No : 63

Section : Definitions.

2.Definitions.In this Act,, unless the context otherwise requires,- (a) "Companies Act" means the Companies Act, 1956 ;(1 of 1956). (b) " company " means an Indian company as defined in 2[clause (26) of section 2 of the Income-tax Act, 1961 (43 of 1961) and includes a company referred to in sub-clause (ii) of clause (17)] of the said section which has made arrangements for the declaration and payment of dividends within India in accordance with the rules made under the said Act ; (c) " preference share " means a share which 3* * * carries, as respects dividends, a preferential right to be paid a fixed amount or an amount calculated at a fixed rate; (d) "previous year" has the same meaning as in the 4[Income-tax Act, 1961] ;(43 of 1961). (e) " stipulated dividend", in relation to a preference share, means the fixed amount or the amount calculated at a fixed rate which the holder of such share has a preferential right to be paid as dividend ; (f) all other words and expressions used but not defined in this Act and defined in the Companies Act shall have the meanings respectively assigned to them in that Act. ---------------------------------------------------------------------- 1 Ins. by Act 26 of 1968, s.3 Sch. 2 Subs. by Act 10 of 1965, s. 72, for certain words, brackets, figures and letters (w.e.f. 1-4-1965). 3 Certain words, figures and letters omitted by s. 72, ibid. (w.e.f. 1-4-1965). 4 Subs. by s. 72, ibid., for " Indian Income-tax Act, 1922" (w.e.f. 1-4-1965). ---------------------------------------------------------------------- 560