Shares in public companies

(1) Each share in a class of shares in a public company has the same dividend rights unless:

(a)

the company has a constitution and it provides for the shares to have different dividend rights; or

(b)

different dividend rights are provided for by special resolution of the company.

Shares in proprietary companies (replaceable rule—see section 135)

(2) Subject to the terms on which shares in a proprietary company are on issue, the directors may pay dividends as they see fit.

No liability companies

(3) A person is not entitled to a dividend on a share in a no liability company if a call:

(a)

has been made on the share; and

(b)

is due and unpaid.

(4) Dividends are payable to the shareholders in a no liability company in proportion to the number of shares held by them, irrespective of the amount paid up, or credited as paid up, on the shares. This subsection has effect subject to any provisions in the company's constitution relating to shares that are not ordinary shares.