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Case Law Relating To Dividends:
The above provisions of Table A supplement the following common law rules:
1) Losses in previous years need not be provided for. Furthermore a dividend can be paid if there is a profit on the current year's trading: Re: National Bank of Wales (1899).
2) Profits of previous years can be brought forward and distributed even if there is a revenue loss in the current trading year: Re: Hoare & Co (1904)
3) Losses on fixed assets in the current year need not be made good by provision for depreciation before treating a revenue profit as available for dividend: Lee v Neuchatel Asphalte Co (1889)
4) Unrealized capital profits on a revaluation of assets can be distributed by way of a dividend, or used to pay a bonus issue of fully paid shares: Dimbula Valley (Ceylon) Tea Co v Laurie (1961).
5) Dividends must not be paid out of capital: Verner v General & Commercial Investment Trust.
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