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Section 432 Companies and Allied Matters Act (CAMA) 2020

Section 432 CAMA 2020

Section 432 Companies and Allied Matters Act is about Right of the shareholders to sue for dividends. It is under Chapter 16 (Annual returns) of the Act.

(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.

See also  Section 355 Companies and Allied Matters Act (CAMA) 2020

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