Declaration of dividend out of reserves limited by prior dividend rates and reserve maintenance, with loss set-off requirement. Declaration of dividend out of accumulated reserves is permitted when profits are inadequate, but is limited by a dividend rate cap based on recent dividend history and by a ceiling relative to paid-up share capital and free reserves in the latest audited financial statement. Withdrawn amounts must first be used to set off current-year losses before equity dividends, and reserves after withdrawal must not fall below a mandated buffer of paid-up share capital. Carried-over losses and unprovided depreciation must be set off against current profits before any dividend.