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Section 433 Companies and Allied Matters Act (CAMA) 2020

Section 433 CAMA 2020

Section 433 Companies and Allied Matters Act is about Liability for paying dividend out of capital. It is under Chapter 16 (Annual returns) of the Act.

(1) All directors who knowingly pay, or are party to the payment of dividend out of capital or in contravention of this Part, are personally liable jointly and severally to refund to the company any amount so paid.

(2) Such directors shall have the right to recover the dividend from shareholders who receive it with knowledge that the company had no power to pay it.

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See also Section 831 Companies and Allied Matters Act (CAMA) 2020

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