Dividends shall be distributed from the net profits of the company after taxes are paid. Unless otherwise provided in a company charter, the Board of Directors (in its absence, the shareholders meeting) shall decide the matter of paying dividends and the decision shall include the amount of the dividend to be paid with respect to each share, the date for issuing the list of shareholders entitled to receive dividend, and the dividend payment date. The Board of Directors shall be obligated to inform the shareholders of the decision. The Board of Directors shall have considered and resolved the matter of distribution of dividends within fifty (50) days of the end of the financial year. If the Board of Directors decides not to distribute dividends, it shall be obligated to report the grounds for such decision at the regular session of the shareholders meeting. If the company has decided to pay dividends, the dividends shall be paid out within the time period specified in such decision. If company fails to pay the dividend within the time period specified in article 46.10 of this law, upon the demand of any shareholder, the company shall pay a fine to such shareholder and the executive body shall reimburse the company for such fine and any losses attributable to the payment of such fine.