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Companies and Allied Matters Act 2020 · Part B · Chapter 16

Section 432Right of the shareholders to sue for dividends

(1)
Dividends are special debts due to and recoverable by shareholders within 12 years, and actionable only when declared.
(2)
Dividends that are unclaimed after 12 years should be included in the profits that should be distributed to the other shareholders of the company.
Cite as: Companies and Allied Matters Act 2020, section 432

What this section means

From the guide: Dividends under CAMA 2020: declaring, distributable profits and unclaimed dividends

  • Dividends unclaimed after 12 years are added to the profits distributable to the other shareholders (section 432).

Read the whole subject

Source: Companies and Allied Matters Act 2020 (Act No. 3 of 2020), Official Gazette No. 124, Lagos, 10 August 2020. General information, not legal advice.