(1)  The Board of a Relevant Corporation must determine a dividend policy for that Relevant Corporation.

(2)  The dividend policy of a Relevant Corporation is to –

(a) establish the aggregate amount, and the basis of determining the aggregate amount, of dividends payable to members in respect of any period; and

(b) in the case of a Regional Corporation, be determined having due regard to the provisions of the shareholders' letter of expectation of that Regional Corporation; and

(c) be consistent with good commercial practice; and

(d) require adequate provision to be made for expected future capital requirements and operational expenditure before the payment of any dividend to members.

(3)  In setting out the rights attaching to each class of shares for the purposes of section 12(2)(a)  –

(a) the constitution of a Regional Corporation is to provide for the allocation of the aggregate amount of dividends amongst members in the amount and in the manner determined under section 35 ; and

(b) the constitution of each other Relevant Corporation (including the Common Services Corporation) must have regard, as far as reasonably practicable, to the intent and operation of paragraph (a) .