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Page 82

CHAPTER 9
CAPITAL

charged or divided among the shareholders at the company's discretion.
Money which the company has raised by means of debentures is not capital. It is a debt due from the company to the debenture holders, who are creditors of the company and not shareholders.

CLASSES OF CAPITAL
A company is not bound to issue all its shares with the same rights, but may confer different rights on different classes of shares. Such classes are often described as ordinary, preference, or deferred shares. The name, however, by which a class of shares is called gives but a slight indication of the rights attaching to it in any particular company, and reference in every case must be made to the articles or the terms of issue.
The memorandum of association is required to set out the division of the capital into shares of fixed amount, but is not required to set out the different classes of shares into which the capital may be divided. The company may, however, by an appropriate provision in its articles, take power to issue different classes of shares. (2) Table A, Art. 2, provides:
" Without prejudice to any special rights previously conferred on the holders of existing shares, or class of shares, any share in the company may be issued with such preferred, deferred, or other special rights, or such restrictions, whether in regard to dividend, voting, return of share capital or otherwise, as the company may from time to time by ordinary resolution determine."

If the rights of the different classes of shares are set out in the memorandum they are unalterable (3) unless the memorandum itself prescribes a method of alteration, (4) or unless the consent of the Court is obtained to an arrangement under s. 206. The power to alter the memorandum conferred by s. 23 (ante, p. 20) does not authorise any variation or abrogation of the special rights of any class of members.

Variation of Shareholders' Rights.-It is usual to provide in the articles power to vary rights attached to any class of shares. Table A, Art. 4, provides:

" If at any time the share capital is divided into different classes of shares, the rights attached to any class (unless otherwise provided by the terms of issue of

2 Andrews v. Gas Meter Co., [1897] 1 Ch. 361.
3 Ashbury v. Watson (1885), 30 Ch. D. 376.
4 Re Welsbach Incandescent Co., [1904] 1 Ch. 87.

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where is HTML where is HEAD where is TITLE charged or divided among what is shareholders at what is company's discretion. Money which what is company has raised by means of debentures is not capital. It is a debt due from what is company to what is debenture holders, who are creditors of what is company and not shareholders. CLASSES OF CAPITAL A company is not bound to issue all its shares with what is same rights, but may confer different rights on different classes of shares. Such classes are often described as ordinary, preference, or deferred shares. what is name, however, by which a class of shares is called gives but a slight indication of what is rights attaching to it in any particular company, and reference in every case must be made to what is articles or what is terms of issue. what is memorandum of association is required to set out what is division of what is capital into shares of fixed amount, but is not required to set out what is different classes of shares into which what is capital may be divided. what is company may, however, by an appropriate provision in its articles, take power to issue different classes of shares. (2) Table A, Art. 2, provides: " Without prejudice to any special rights previously conferred on what is holders of existing shares, or class of shares, any share in what is company may be issued with such preferred, deferred, or other special rights, or such restrictions, whether in regard to dividend, voting, return of share capital or otherwise, as what is company may from time to time by ordinary resolution determine." If what is rights of what is different classes of shares are set out in what is memorandum they are unalterable (3) unless what is memorandum itself prescribes a method of alteration, (4) or unless what is consent of what is Court is obtained to an arrangement under s. 206. what is power to alter what is memorandum conferred by s. 23 (ante, p. 20) does not authorise any variation or abrogation of what is special rights of any class of members. Variation of Shareholders' Rights.-It is usual to provide in what is articles power to vary rights attached to any class of shares. Table A, Art. 4, provides: " If at any time what is share capital is divided into different classes of shares, what is rights attached to any class (unless otherwise provided by what is terms of issue of 2 Andrews v. Gas Meter Co., [1897] 1 Ch. 361. 3 Ashbury v. Watson (1885), 30 Ch. D. 376. 4 Re Welsbach Incandescent Co., [1904] 1 Ch. 87. where is meta name="keywords" content="old books, Free book , free book offer , free audio books , free coloring book pages , free book reports , free audio book , audio books free download , book free , free guest book , books free , free book summaries , download free audio books , free childrens books." where is where are they now rel="stylesheet" type="text/css" href="../../style.css" where is meta http-equiv="Content-Type" content="text/html; charset=iso-8859-1" where is BODY bgColor=#ffffff text="#000000" where are they now ="#000000" v where are they now ="#FF0000" where is div align="center" where is strong where is strong where is a href="http://www.aaoldbooks.com" Books > where is a href="../default.asp" title="Book" Old Books > where is strong where is a href="default.asp" Poetry Northwest (1959) where is table width="700" border="1" align="center" cellpadding="15" cellspacing="0" where is center where is tr where is td width="160" align="center" valign="top" where is div align="center" where is td align="center" valign="top" where is div align="left" where is div align="center" where is p align="left" Page 82 where is strong CHAPTER 9 CAPITAL where is p align="justify" charged or divided among what is shareholders at what is company's discretion. Money which what is company has raised by means of debentures is not capital. It is a debt due from what is company to what is debenture holders, who are creditors of what is company and not shareholders. CLASSES OF CAPITAL A company is not bound to issue all its shares with what is same rights, but may confer different rights on different classes of shares. Such classes are often described as ordinary, preference, or deferred shares. what is name, however, by which a class of shares is called gives but a slight indication of what is rights attaching to it in any particular company, and reference in every case must be made to what is articles or what is terms of issue. what is memorandum of association is required to set out what is division of what is capital into shares of fixed amount, but is not required to set out what is different classes of shares into which what is capital may be divided. what is company may, however, by an appropriate provision in its articles, take power to issue different classes of shares. (2) Table A, Art. 2, provides: " Without prejudice to any special rights previously conferred on what is holders of existing shares, or class of shares, any share in what is company may be issued with such preferred, deferred, or other special rights, or such restrictions, whether in regard to dividend, voting, return of share capital or otherwise, as what is company may from time to time by ordinary resolution determine." If what is rights of what is different classes of shares are set out in what is memorandum they are unalterable (3) unless what is memorandum itself prescribes a method of alteration, (4) or unless what is consent of what is Court is obtained to an arrangement under s. 206. what is power to alter what is memorandum conferred by s. 23 (ante, p. 20) does not authorise any variation or abrogation of what is special rights of any class of members. Variation of Shareholders' Rights.-It is usual to provide in what is articles power to vary rights attached to any class of shares. Table A, Art. 4, provides: " If at any time what is share capital is divided into different classes of shares, what is rights attached to any class (unless otherwise provided by what is terms of issue of 2 Andrews v. Gas Meter Co., [1897] 1 Ch. 361. 3 Ashbury v. Watson (1885), 30 Ch. D. 376. 4 Re Welsbach Incandescent Co., [1904] 1 Ch. 87. where is Server.Execute("_SiteMap.asp") %

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