Housing Development Finance Corporation of Sri Lanka Act 1997 · As enacted · Part IV · Finance
25. Restriction on declaration of dividend
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No dividend shal! be declared or paid by the
Corporation for any financial year out of the profits of the
Corporation for that ycar, arrived at after providing for depreciation in accordance with provisions prescribed in that behalf, except after the transfer to the reserves of the
Corporation, of such percentage of the profits of the
Corporation for that year not excecding ten per centum as may be prescribed :
Provided that nothing in this section shall be deemed to prohibit the Corporation from voluntarily transferring a higher percentage of its profits in that year, to its reserves,