Declaration of dividend.

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....rofits of the company for that year arrived at after providing for depreciation in accordance with the provisions of sub-section (2), or out of the profits of the company for any previous financial year or years arrived at after providing for depreciation in accordance with the provisions of that sub-section and remaining undistributed, or out of both; or       &nbsp....

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....to the reserves, such declaration of dividend shall not be made except in accordance with such rules as may be prescribed in this behalf:                Provided also that no dividend shall be declared or paid by a company from its reserves other than free reserves.      (2) For the purposes of clause (a)....

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....bsp;  (4) 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.      (5) No dividend shall be paid by a company in respect of any share therein except to the registered shareholder of such share or to his order or to his banker and shall not ....