Statement 1 The Board may declare the interim dividend whether or not it is authorized by the articl...........

Companies Act-Phase (I & II) Paymentofdividends

Statement (1): The Board may declare the interim dividend whether or not it is authorized by the articles.

Statement (2): The amount of interim dividend is to be compulsorily deposited in a scheduled bank in a separate bank account, within 7 days of passing the Board Resolution declaring the interim dividend.

Consider the Following Statement

Only statement (1) is correct

Only statement (2) is correct

Both the statements are correct

None of the statements is correct

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Explanation:

Staement 2 is not correct

Correct Statement:The amount of the dividend, including interim dividend, shall be deposited in a scheduled bank in a separate account within five days from the date of declaration of such dividend.