This excerpt taken from the ICI 20-F filed Mar 31, 2006.
No dividend may be paid other than out of profits available for distribution, as determined in accordance with UK GAAP and the UK Companies Act. Holders of the Companys ordinary shares may declare dividends by ordinary resolution but may not declare dividends in excess of the amount recommended by the directors. The directors may also declare interim dividends. Any dividends must be distributed to shareholders in proportion to the amounts paid up on their shareholdings.
If a dividend is unclaimed for 12 years after the date such dividend became due for payment, it will be forfeited and will revert to the Company.
The Companys Articles permit payment or satisfaction of a dividend wholly or partly by distribution of specific assets, including fully paid shares or debentures of any other company. Such action must be approved by the general meeting which declared the dividend and upon the recommendation of the directors.