Lost Gains

Feb 18, 2010 (LBO) – Sri Lanka’s Commercial Bank said dividends not claimed by shareholders after six years are to be considered forfeited from March. Any interim or final dividend declared by Commercial Bank from February 2000 to February 2004 which remains unclaimed will be considered as fortified by the owners and considered as the bank’s property, it said. The bank said in a filing with the Colombo Stock Exchange all unclaimed dividends may be either invested or otherwise made use by the board for the benefit of the company until claimed.

According to the Article 130 of the Articles of Commercial Bank of Ceylon quoted by the statement, a fortified dividend will not fall within the category of the ‘abandoned property’.