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Illegal Dividend
(redirected from Illegal Dividends)

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Illegal dividend
A corporation's dividend that is declared in violation of its charter and/or of state laws, typically because of the way it is calculated.
Illegal Dividend
A dividend that is calculated in such a way that it violates either the charter of the corporation or applicable laws. Illegal dividends are sometimes declared, but they may not be distributed.
illegal dividend
A declared dividend that violates the corporate charter or the laws of the state in which the firm is incorporated.
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The court stated that, after the defendants' counsel filed its motion to dismiss the first complaint, plaintiff's lead counsel "dropped nearly every serious (and scurrilous) allegation against defendants," such as allegations about conflicts of interest, illegal dividends and self-dealing by the Company's CEO, Evangelos Pistiolis.
TOP Ships Announces Court Approval of Proposed Settlement by PR Newswire
Last month, Sanyo corrected its unconsolidated earnings for the years from fiscal 2000 and admitted that it had paid around 28 billion yen in illegal dividends when the profits necessary to justify the payments were lacking.
Sanyo Electric to pay 8.3 million yen fine for faulty accounting by Japan Weekly Monitor
The taxman is increasingly likely to argue that excessive or illegal dividends should be re-classed as earnings or be repayable to the company," he said.
Company directors warned of pitfalls over dividends by Coventry Evening Telegraph (England)
 
 
 
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