(1) Subject to subsection (2), where the directors of a company have recommended that the declaration of a dividend be adopted by resolution at a general meeting and, subsequent to convening the meeting, the directors form the opinion that, due to the actual or perceived consequences of Covid-19 on the affairs of the company, the dividend ought to be cancelled or reduced to a particular amount, the directors may -
(a) withdraw the resolution to approve the dividend, or
(b) propose an amendment to that resolution to provide for a dividend less than that originally recommended.
(2) The resolution to approve the dividend may be withdrawn or amended notwithstanding any provision to the contrary in the company’s constitution where -
(a) all the members of the company agree in writing to such withdrawal or amendment, and
(b) notice of the formation of the opinion of the directors referred to in subsection (1) and consequent proposed withdrawal or amendment of the resolution is given no lat
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