(1) No dividend shall be paid by a company in respect of any share therein, except
(a) to the registered holder of such share or to his order or to his bankers; or
(b) in case a share warrant has been issued in respect of the share in pursuance of section 114, to the bearer of such warrant or to his bankers.
(2) Nothing contained in sub-section (1) shall be deemed to require the bankers of a registered shareholder to make a separate application to the company for the payment of the dividend.