“Dividend” shall include—

(a) any distribution of the accumulated profits, whether to the shareholders of the company, if such distribution results in a reduction in whole or in part of the assets or reserves of the company;

(b) any distribution of accumulated profits to of the company by way of debentures, or certificates of deposit of any kind, whether capitalized;

(c) on the winding up of a company, whether capitalized, distribution to its shareholders out of the accumulate profits of the company immediately before such winding up;

(d) distribution of retained earnings owned by the company to the shareholders of the company, whether capitalized;

(e) any profits remitted out of Bangladesh by such company not incorporated under the Companies Act, 1994 (ActN0. 18 of 1994);

(f) distribution of profits of any mutual fund, real estate   investment trust, exchange traded fund or alternative investment fund; 

(g) any amount paid by a private company as an advance or loan to any shareholder out of the accumulated profits owned by it, whether forming part of the assets of the company, or any amount paid by such company on behalf of or for the personal benefit of my such   shareholder, However, it shall not include the following matters, namely;

(i) in the case where no shareholder or debenture holder is entitled to a share in the surplus assets of the company on the winding up of the company, in respect of any shares including preference shares in accordance with sub-clause (c) or (d) the distribution in full in cash, or the redemption of debentures or debenture-stock;

 (ii) advances or loans made to any shareholder in the ordinary course of business where the principal business of a company is lending;

(iii) any dividend paid by the company which has been adjusted by the company against any amount previously paid in whole or in part and as a dividend within the meaning of sub-clause (e), to the extent so adjusted;

(iv) bonus shares issued by any company;

 Explanation– “accumulated profit” shall include,—

(a) in this section, any allowance, deduction or exemption  admissible under this Act, partially or wholly reserve created;

(b) in respect of sub-clauses (a), (b) and (d), all profits of the company up to the date of such distribution; and

(c) in the case of sub-clause (c), all the profits of the company up to the date of winding up;