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Preference Shares (Regulation of Dividends) Act, 1960 Complete Act

Title: Preference Shares (Regulation of Dividends) Act, 1960

State: Central

Year: 1960

Preamble1 - PREFERENCE SHARES (Regulation of Dividends) Act, 1960 Section1 - Short title and commencement Section2 - Definitions Section3 - Regulation of dividends on preference shares in certain cases Section4 - Special provisions in relation to companies where a portion of their income is not chargeable to income-tax Section4A - Deduction of income-tax Section5 - Overriding effect of Act Section6 - Act not to apply to participating preference dividends Section7 - Power to made rules ScheduleI - SCHEDULE

Madras Debt Conciliation Act, 1936 Complete Act

State: Tamil Nadu

Year: 1936

.....the chairman shall have 3 (2) 2. These words were inserted by section 3 (i) of, and the Second Schedule to, the Madras Repealing and Amending Act, 1951 (Madras Act XIV of 1951).[and exercise] a casting vote. (5) When a board is dissolved or otherwise ceases to exist the 3 (1) 1. The words "Provincial Government" were substituted for the words "Local Government" by the Adaptation Order of 1937 and the word "State" was substituted for the word "Provincial" by the Adaptation Order of 1950.[State Government] may, at any time establish another board for the area for which the former board was established and may declare the board newly established to be the successor in office of the board which has ceased to exist and such board shall exercise all the powers under the Act. SECTION 4: Application for settlement between debtor and creditors (1) A debtor may make an application for the settlement of his debts to the board established for the local area within which he ordinarily resides, or if no board has been established for that local area, to the board established for any local area in which he holds immovable property, if any, but he shall not apply to more than one board......

The Insolvency Act, 1955 Complete Act

State: Kerala

Year: 1955

THE INSOLVENCY ACT, 1955 ACT II OF 1956 THE INSOLVENCY ACT, 1955 1 An Act to consolidate and amend the law relating to insolvency. Preamble .-Whereas it is expedient to consolidate and amend the law relating to insolvency; Be it enacted in the Sixth Year of the Republic of India as follows:- 1. Short title extent and commencement .-(1) This Act may be called the 2 [********] insolvency Act, 1955. 3 [ "(2) It extends to the whole of the State of Kerala"] (2) It shall come into force on such date as the Government may, by notification in the Gazette, appoint. 4 2. Definitions .-(1) In this Act, unless the context otherwise requires, (a) "Collector" means the Chief Officer in charge of the revenue administration of the district and includes an acting or officiating Collector and also any officer appointed by the Government to exercise the functions of the Collector; (b) "creditor" includes a decree-holder, "debt" includes a judgment-debt, and "debtor" includes a judgment-debtor; (c) "District Court" means the principal Civil Court of original jurisdiction; (d) "prescribed" means prescribed by rules made under this Act; (e) .....

Preference Shares (Regulation of Dividends) Act, 1960 Section 3

Title: Regulation of Dividends on Preference Shares in Certain Cases

State: Central

Year: 1960

.....the stipulated dividend in the cases refereed to in sub-section (1), or (ii) by eleven per cent of the stipulated dividend in the cases referred to in sub-section (3). (5) For the purposes of sub-section (1), sub-section (3) and sub-section (4), any reference therein to the stipulated dividend shall, in respect of a preference share issued and subscribed for on or before the 31st March, 1959, be construed as a reference to the stipulated dividend as on that day. (6) For the removal of doubts, it is hereby declared that nay reference in this section and section 4A to deduction made form a dividend on account of income-tax payable by the company does not include nay amount deducted by the company from the dividend under Section 194 of the Income-tax Act, 1961 (43 of 1961).

Preference Shares (Regulation of Dividends) Act, 1960 Preamble 1

Title: Preference Shares (Regulation of Dividends) Act, 1960

State: Central

Year: 1960

PREFERENCE SHARES (Regulation of Dividends) Act, 1960 [Act, No. 63 OF 1960] PREAMBLE An Act to regulate dividends on preference shares of certain companies. Be it enacted by Parliament in the Eleventh Year of the Republic of India as follows: -

Preference Shares (Regulation of Dividends) Act, 1960 Section 6

Title: Act Not to Apply to Participating Preference Dividends

State: Central

Year: 1960

Nothing contained in 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.

Preference Shares (Regulation of Dividends) Act, 1960 Complete Act

State: Central

Year: 1960

.....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 SECTION 03: REGULATION OF DIVIDENDS ON PREFERENCE SHARES IN CERTAIN CASES (1) Where the stipulated dividend in respect of a preference share of a company issued and subscribed for before the 1st April, 1960,- (a) is specified to be free of income-tax and no deduction is made therefrom on account of the income-tax payable by the company, or (b) was being paid before the 1st April, 1960, without any deduction there- from on account of the income-tax payable by the company, notwithstanding the absence of any specification that the dividend would be free of income-tax, every such share shall, as respects dividends declared after the commencement of this Act, carry a preferential right to be paid without any deduction aforesaid such amount as would exceed the stipulated dividend by thirty per cent thereof. (2) Where the stipulated dividend in respect of a preference share of a company issued and subscribed for after the 31st March, 1959, and before the 1st of April, 1960, is free of income-tax and the company, besides paying the.....

Preference Shares (Regulation of Dividends) Act, 1960 Schedule I

Title: Schedule

State: Central

Year: 1960

.....per cent of the aggregate of (i) the stipulated dividend, and (ii) an amount equal to eleven per cent of the stipulated divided as specified in sub-section (3) of section 3", the following shall be substituted, namely: - "Twenty-seven and a half per cent of the stipulated dividend: Provided that i a case where the preference shares in respect of which the dividend is declared or paid form part of the preference share capital of a company which, in respect of the greater part of its total income, is entitled to a deduction from tax chargeable form it under the Income-tax Act, 1961(43 of 1961), under a notification issued by the Central Government under section 294A of that Act, the reference to twenty-seven and a half per cent of the stipulated dividend shall be construed as a reference to-- (i) where the stipulated divided din respect of such preference share is declared or paid in respect of the previous year relevant to the assessment year commencing on the 1st day of April, 1963, the said twenty-seven and a half per cent as reduced by forty-five per cent thereof; (ii) where such dividend is declared or paid in respect of the previous year relevant to the assessment.....

Preference Shares (Regulation of Dividends) Act, 1960 Section 1

Title: Short Title and Commencement

State: Central

Year: 1960

(1) This Act may be called the Preference Shares (Regulation of Dividends) Act, 1960. (2) It extends to the whole of India: Provided that it shall not apply to the state of Jammu and Kashmir except to the extend to which the provision of this Act relate to the regulation of dividends on preference shares of banking and insurance companies and financial corporations. (3) Notwithstanding anything contained in sub-section (2) the provision of this Act shall, in their application to the Union territory of Pondicherry, have effect subject to the modifications specified in the Schedule.

Preference Shares (Regulation of Dividends) Act, 1960 Section 2

Title: Definitions

State: Central

Year: 1960

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 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 Indian in accordance with the rules made under the said Act; (c) "preference share" means a share which 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 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 fixed rate which the holder of such share has a preferential right to be paid as dividend; (f) all other word 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.