CAP. 270, INTERNATIONAL BUSINESS COMPANIES ACT

42
CAP. 270]
International Business Companies
(b)
the aggregate of the amounts designated as capital of-
(i)
(ii)
all outstanding shares without par value; and
all shares without par value held by the company as
treasury shares that are entitled to a preference, if any,
in the assets of the company upon liquidation of the
company.
(3) No reduction of capital shall be effected under subsection (1) unless
the directors determine that immediately after the reduction-
(a)
(b)
the company will be able to satisfy its liabilities as they be
come due in the ordinary course of its business; and
the realisable value of the assets of the company will not be
less than its total liabilities, other than deferred taxes, as shown
in the books of account, and its remaining capital,
and, in the absence of fraud, the decision of the directors as to the realisable
value of the assets of the company is conclusive, unless a question of law is
involved.
Dividends.
39.-(1) Subject to any limitations in its Memorandum or Articles, a company
incorporated under this Act may, by a resolution of its directors, declare
and pay dividends in money, shares or other property.
(2) Dividends shall only be declared and paid out of surplus.
(3) No dividend shall be declared and paid unless the directors determine
that immediately after the payment of the dividend-
(a)
the company will be able to satisfy its liabilities as they become
due in the ordinary course of its business; and
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THE SUBSTANTIVE LAWS OF BELIZE REVISED EDITION 2000
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