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What is TSMC's dividend policy?
TSMC does not pay dividends when there is no profit for a particular fiscal year, except under certain conditions specified in its Articles of Incorporation. Profits may be distributed by way of cash dividend, stock dividend, or a combination of cash and stock. The preferred method of distributing profits is by way of cash dividend. Under TSMC's Articles of Incorporation, stock dividend shall not exceed 50% of the total distribution in any given fiscal year.
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