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Clause 18—(Suspension Of Dividend Payments, Etc)

Volume 436: debated on Wednesday 30 April 1947

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I beg to move, in page 20, line 21, at the end, to insert:

(b) of any dividend duly declared before, but not payable till after, the passing of this Act."
The purpose is to remove from the prohibition contained in this Clause dividends which have been declared before the Bill has been passed but which are not payable until afterwards. It is the practice of the main line railways to declare their dividends usually in the third week in July, and these are usually payable in the second part of August. It is necessary to make special provision for the payment of these dividends in the ordinary way otherwise they would come under the prohibition. The sole purpose of this Amendment is to enable these dividends to be paid

Amendment agreed to.