The declaration and payment of a dividend are two separate steps.
The declaration of a dividend corresponds to the board of directors' decision to declare a dividend in respect of a class or series of shares. This decision may be recorded in a written resolution or in the minutes of a board meeting.
The declaration may specify the dividend amount, the shares to which it is entitled, and the date and terms of payment. Once the dividend has been validly declared, rights may accrue to the holders of the shares concerned, according to the terms of the declaration and the applicable rules.
The payment of the dividend, for its part, corresponds to the payment made by the company to the shareholders who are entitled to it.
Payment may be made at the time of the declaration or on a later date set by the board of directors. It is therefore important to distinguish between the date on which the dividend is declared and the date on which it is actually paid.
The decision declaring the dividend should be kept in the minutes book, while its payment should be traceable in the company's accounting and financial documents.
In summary , the declaration is the corporate decision by which the board of directors declares the dividend, while the payment corresponds to the payment made by the company in accordance with the established terms.