3.  Arrangements for declaration and payment of dividends within India.–The arrangements referred to in section 2(42) to be made by a company for the declaration and payment of dividends (including dividends on preference shares) within India shall be as follows:

a.    the share-register of the company for all shareholders shall be regularly maintained at its principal place of business within India, in respect of any tax year from a date not later than the 1st April of such year;

b.   the general meeting for passing the accounts of the tax year and for declaring any dividends in respect thereof shall be held only at a place within India; and

c.   the dividends declared, if any, shall be payable only within India to all shareholders.