Article 32 - Consequences of an unlawful dividend or other distribution

Where a dividend or other distribution, or part thereof, made by an Investment Club to any of its Members is made in contravention of Article 31 and, at the time of such dividend or other distribution, the Member knows or has reasonable grounds for believing that it is so made, he is liable to repay it, or that part of it, to the Investment Club or, in the case of a dividend or other distribution made otherwise than in cash, to pay the Investment Club a sum equal to the value of the dividend or other distribution or such part thereof, at that time, together with, in either case, interest at a rate prescribed, or calculated in accordance with, rules made by the QFC Authority.

Derived (as from 20th December 2016).