Article 78 Declaration of dividend

Subject to Rule 77 and paragraph (2), within the two month period referred to in Rule 73(2)(c), the SMCL administrator must proceed to declare the dividend of which the SMCL administrator gave notice.

Except with the permission of the court, the SMCL administrator must not declare a dividend so long as there is pending any application to the court to reverse or vary a decision of the SMCL administrator’s on a proof, or to exclude a proof or to reduce the amount claimed.

If the court gives permission under paragraph (2), the SMCL administrator must make such provision in respect of the proof in question as the court directs.