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Question

If any default is made in transferring the total amount or any part to the Unpaid Dividend Account of the company, it shall pay, from the date of such default, interest on so much of the amount as has not been transferred to the said account, at the rate of _________________per annum and the interest accruing on such amount shall enure to the benefit of the member of the company in proportion to the amount remaining unpaid to them

A Two per cent Correct Answer Incorrect Answer
B Twelve per cent Correct Answer Incorrect Answer
C Fifteen per cent Correct Answer Incorrect Answer
D Twenty per cent Correct Answer Incorrect Answer
E Twenty-two per cent Correct Answer Incorrect Answer

Solution

Section 124.Unpaid Dividend Account: (3) If any default is made in transferring the total amount or any part thereof to the Unpaid Dividend Account of the company, it shall pay, from the date of such default, interest on so much of the amount as has not been transferred to the said account, at the rate of twelve per cent per annum and the interest accruing on such amount shall enure to the benefit of the member of the company in proportion to the amount remaining unpaid to them.

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