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The Eastbourne Water Order 1988

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Maximum rates of dividend

5.  For section 5 of the 1972 Order (maximum rates of dividend) there shall be substituted the following section—

(1) The Company shall not in respect of any year pay dividends on their paid-up share capital at rates greater than the following—

(a)on capital subscribed before the date of commencement of this Order, the rates which they were entitled to pay thereon immediately before that date;

(b)on ordinary capital—

(i)during the initial period, 10 per cent., or

(ii)thereafter 7 per cent. or such higher rate not exceeding 10 per cent. as the Secretary of State may approve;

(c)on preference capital—

(i)during the initial period, 12 per cent., or

(ii)thereafter 7 per cent. or such higher rate not exceeding 12 per cent. as the Secretary of State may approve.

(2) The Company may pay a dividend on ordinary capital at rates greater than those mentioned in subsection (1) to make up deficiencies in previous dividends arising during the five years preceding the year in respect of which a dividend is being paid.

(3) In this section “the initial period” means the period of 5 years beginning with 12th December 1988..

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