Sections 749 and 752.
(1) Subject to paragraph 2, a dividend shall be regarded for the purposes of section 752 and of this Schedule as paid wholly out of profits accumulated before a given date (in this Schedule referred to as "the relevant date") if -
(a) it is declared for a period falling wholly before the relevant date,
(b) there are no profits of the company arising in the period beginning on the relevant date and ending on the date on which the dividend is payable, or
(c) having regard to paragraph 3, no part is available for payment of the dividend out of such profits of the company as arose in the period beginning on the relevant date and ending on the date on which the dividend is payable.
(2) Subject to paragraph 2, where out of such profits of the company as arose in the period beginning on the relevant date and ending on the date on which the dividend is payable, some part is, having regard to paragraph 3, available for payment of the dividend but the total amount distri
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