290. Official Liquidator’s Dividend Account
The Official Liquidator shall also open a separate dividend account for each company under liquidation either in the State Bank of India or its subsidiaries, or, with the sanction of the Court, in any other Scheduled Bank, as may be convenient, under the name ‘the Dividend Account of ………… (name of the company) in liquidation by its Official Liquidator’, into which account he shall, upon a declaration of dividend being made in the winding-up of any company, deposit by transfer from his account with the Reserve Bank of India the total amount of the dividends payable upon such declaration. There shall be a separate account in respect of each declaration of dividend. All payments of dividend shall be made from the said Official Liquidator’s dividend account and any unpaid balance in the account shall be transferred back to the Official Liquidator’s account in the Reserve Bank of India before being paid into the companies liquidation account as unclaimed dividends.
All payments of dividends above Rs. 50 shall ordinarily be made by cheques drawn against the said account.
[Note.- In this Rule, the word ‘dividend’ includes refund of capital to contributories.]