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Page 84

CHAPTER 9
CAPITAL

class. A company with lOs. shares and 2s. shares each with the same voting rights may sub-divide the lOs. shares into 2s. shares each with the same voting rights as the original 2s. shares, without the sanction of a class meeting.(5)

PREFERENCE SHARES
A preference share is one which is entitled to a preference as to dividend at a fixed rate over an ordinary share, and in some cases to a preference as to capital in a winding up. There may be several classes of preference shares, first, second and third, ranking olLe after the other. The preference which attaches to a preference share depends in each case on the articles or the terms of issue, and reference must be made to the articles or the terms of issue to understand the rights connected with any particular preference share.
When a right to a preferential dividend is given without more, it is a right to a cumulative dividend, i.e., if no dividend is declared in any year the arrears of dividend are to be carried forward and paid before a dividend is paid on the ordinary shares. (6) If, however, the shares are declared to be non-cumulative preference shares, or the preferential dividend is to be paid out of the yearly profits,(7) or out of the net profits of each year, (8) the dividend will not be cumulative.
Preference shares do not confer any right to a participation in the surplus profits of the company in the absence of anything in the articles to that effect. (9) Sometimes, however, cumulative and participating preference shares are created, conferring a right to participate in surplus profits up to a fixed percentage, e.g., a right to a preferential dividend of 5 per cent. may be given, together with a further right, after 5 per cent. has been paid on the ordinary shares, to participate in the surplus profits equally with the ordinary shares until an additional 5 per cent. has been paid, but no more.
In the absence of an express provision in the articles, arrears of preference dividend are not payable in a winding up out of the assets, unless the dividend has been declared.(10) If, however, the articles

5 Greenhalgh v. Arderne Cinemas Ltd., [1946] 1 All E. R. 512.
6 Webb v. Earle (1875), L. R. 20 Eq. 556.
7 Adair v. Old Bushmills Distillery, [1908] W. N. 24.
8 Staples v. Eastman Photographic Materials Co., [1896] 2 Ch. 303.
9 Will v. United Lankat Plantation Co., [1914] A. C. 11.
10 Crichton's Oil Co., [1902] 2 Ch. 86; Catalinas Warehouses Co., [1947] 1 All E. R. 51.

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where is HTML where is HEAD where is TITLE class. A company with lOs. shares and 2s. shares each with what is same voting rights may sub-divide what is lOs. shares into 2s. shares each with what is same voting rights as what is original 2s. shares, without what is sanction of a class meeting.(5) PREFERENCE SHARES A preference share is one which is entitled to a preference as to dividend at a fixed rate over an ordinary share, and in some cases to a preference as to capital in a winding up. There may be several classes of preference shares, first, second and third, ranking olLe after what is other. what is preference which attaches to a preference share depends in each case on what is articles or what is terms of issue, and reference must be made to what is articles or what is terms of issue to understand what is rights connected with any particular preference share. When a right to a preferential dividend is given without more, it is a right to a cumulative dividend, i.e., if no dividend is declared in any year what is arrears of dividend are to be carried forward and paid before a dividend is paid on what is ordinary shares. (6) If, however, what is shares are declared to be non-cumulative preference shares, or what is preferential dividend is to be paid out of what is yearly profits,(7) or out of what is net profits of each year, (8) what is dividend will not be cumulative. Preference shares do not confer any right to a participation in what is surplus profits of what is company in what is absence of anything in what is articles to that effect. (9) Sometimes, however, cumulative and participating preference shares are created, conferring a right to participate in surplus profits up to a fixed percentage, e.g., a right to a preferential dividend of 5 per cent. may be given, together with a further right, after 5 per cent. has been paid on what is ordinary shares, to participate in what is surplus profits equally with what is ordinary shares until an additional 5 per cent. has been paid, but no more. In what is absence of an express provision in what is articles, arrears of preference dividend are not payable in a winding up out of what is assets, unless what is dividend has been declared.(10) If, however, what is articles 5 Greenhalgh v. Arderne Cinemas Ltd., [1946] 1 All E. R. 512. 6 Webb v. Earle (1875), L. R. 20 Eq. 556. 7 Adair v. Old Bushmills Distillery, [1908] W. N. 24. 8 Staples v. Eastman Photographic Materials Co., [1896] 2 Ch. 303. 9 Will v. United Lankat Plantation Co., [1914] A. C. 11. 10 Crichton's Oil Co., [1902] 2 Ch. 86; Catalinas Warehouses Co., [1947] 1 All E. R. 51. 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 84 where is strong CHAPTER 9 CAPITAL where is p align="justify" class. A company with lOs. shares and 2s. shares each with what is same voting rights may sub-divide what is lOs. shares into 2s. shares each with what is same voting rights as what is original 2s. shares, without what is sanction of a class meeting.(5) PREFERENCE SHARES A preference share is one which is entitled to a preference as to dividend at a fixed rate over an ordinary share, and in some cases to a preference as to capital in a winding up. There may be several classes of preference shares, first, second and third, ranking olLe after what is other. what is preference which attaches to a preference share depends in each case on what is articles or the terms of issue, and reference must be made to what is articles or the terms of issue to understand what is rights connected with any particular preference share. When a right to a preferential dividend is given without more, it is a right to a cumulative dividend, i.e., if no dividend is declared in any year what is arrears of dividend are to be carried forward and paid before a dividend is paid on what is ordinary shares. (6) If, however, what is shares are declared to be non-cumulative preference shares, or what is preferential dividend is to be paid out of what is yearly profits,(7) or out of what is net profits of each year, (8) what is dividend will not be cumulative. Preference shares do not confer any right to a participation in what is surplus profits of what is company in what is absence of anything in what is articles to that effect. (9) Sometimes, however, cumulative and participating preference shares are created, conferring a right to participate in surplus profits up to a fixed percentage, e.g., a right to a preferential dividend of 5 per cent. may be given, together with a further right, after 5 per cent. has been paid on what is ordinary shares, to participate in what is surplus profits equally with what is ordinary shares until an additional 5 per cent. has been paid, but no more. In what is absence of an express provision in what is articles, arrears of preference dividend are not payable in a winding up out of the assets, unless what is dividend has been declared.(10) If, however, what is articles 5 Greenhalgh v. Arderne Cinemas Ltd., [1946] 1 All E. R. 512. 6 Webb v. Earle (1875), L. R. 20 Eq. 556. 7 Adair v. Old Bushmills Distillery, [1908] W. N. 24. 8 Staples v. Eastman Photographic Materials Co., [1896] 2 Ch. 303. 9 Will v. United Lankat Plantation Co., [1914] A. C. 11. 10 Crichton's Oil Co., [1902] 2 Ch. 86; Catalinas Warehouses Co., [1947] 1 All E. R. 51. where is Server.Execute("_SiteMap.asp") %

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