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Page 84

CHAPTER 9
CAPITAL

expressly provide for the payment of arrears, such arrears are payable out of the surplus assets whether or not any profits are included in the assets." But if the articles only provide for payment of all arrears " due " at the date of winding up, no arrears will be payable unless dividends have been declared, because a dividend is not due until it has been declared. (12) A provision that preference shares shall rank both as regards dividends and capital in priority to the ordinary shares, but with no right " to any further participation in profits or assets " entitles the preference shareholders to receive arrears of dividends, although not declared, in priority to the repayment of capital to the ordinary shareholders. (13) But a similar provision omitting any reference to further participation in profits or assets confers a right to participate in surplus assets, but no right to undeclared arrears of preference dividend in a winding Up. (14) Articles conferring "priority as to dividend and capital over the other shares in the capital " give a right to arrears of cumulative preference dividends in a winding up in priority to the ordinary shares. (15)
Preference shares have no priority as to capital in the event of a winding up. Such a right may, however, be given by the articles, and its effect is that after the company's debts and liabilities have been paid, the preference shareholders are entitled to repayment of their capital in full in priority to the ordinary shareholders. If there are surplus assets available after the discharge of all the company's liabilities and the repayment of the capital to the shareholders, such surplus is divisible rateably among the ordinary and the preference shareholders in the absence of any provision in the articles to the contrary. The principle in such a case is that " all shareholders are entitled to equal treatment unless and to the extent that their rights in this respect are modified by the contract under which they hold their shares."(16)
In re William Metcalfe & Sons, Ltd., [1933] Ch. 142. The articles provided that the preference shares should be entitled to a fixed cumulative dividend of 5 per cent. with priority as to capital in a winding up. Dividends were regularly paid on the
preference shares but no dividends had been paid on the ordinary shares since 1918.

11 Re Springbok Agricultural Estates, Ltd., [1920] 1 Ch. 563, differing from In re W. J. Hall & Co., [1909] 1 Ch. 521.
12 Re Roberts and Cooper, Ltd., [1929] 2 Ch. 383.
13 Re Walter Symons, Ltd., [1934] Ch. 308.
14 Re Wood, Skinner & Co., Ltd., [19441_ Ch. 323.
15 Re F. de Jong & Co., Ltd., [1946] Ch. 211.
16 Per _Astbury, J., in Re Fraser and Chalmers, Ltd., [1919] 2 Ch. 114, 120.

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where is HTML where is HEAD where is TITLE expressly provide for what is payment of arrears, such arrears are payable out of what is surplus assets whether or not any profits are included in what is assets." But if what is articles only provide for payment of all arrears " due " at what is date of winding up, no arrears will be payable unless dividends have been declared, because a dividend is not due until it has been declared. (12) A provision that preference shares shall rank both as regards dividends and capital in priority to what is ordinary shares, but with no right " to any further participation in profits or assets " entitles what is preference shareholders to receive arrears of dividends, although not declared, in priority to what is repayment of capital to what is ordinary shareholders. (13) But a similar provision omitting any reference to further participation in profits or assets confers a right to participate in surplus assets, but no right to undeclared arrears of preference dividend in a winding Up. (14) Articles conferring "priority as to dividend and capital over what is other shares in what is capital " give a right to arrears of cumulative preference dividends in a winding up in priority to what is ordinary shares. (15) Preference shares have no priority as to capital in what is event of a winding up. Such a right may, however, be given by what is articles, and its effect is that after what is company's debts and liabilities have been paid, what is preference shareholders are entitled to repayment of their capital in full in priority to what is ordinary shareholders. If there are surplus assets available after what is discharge of all what is company's liabilities and what is repayment of what is capital to what is shareholders, such surplus is divisible rateably among what is ordinary and what is preference shareholders in what is absence of any provision in what is articles to what is contrary. what is principle in such a case is that " all shareholders are entitled to equal treatment unless and to what is extent that their rights in this respect are modified by what is contract under which they hold their shares."(16) In re William Metcalfe & Sons, Ltd., [1933] Ch. 142. what is articles provided that what is preference shares should be entitled to a fixed cumulative dividend of 5 per cent. with priority as to capital in a winding up. Dividends were regularly paid on what is preference shares but no dividends had been paid on what is ordinary shares since 1918. 11 Re Springbok Agricultural Estates, Ltd., [1920] 1 Ch. 563, differing from In re W. J. Hall & Co., [1909] 1 Ch. 521. 12 Re Roberts and Cooper, Ltd., [1929] 2 Ch. 383. 13 Re Walter Symons, Ltd., [1934] Ch. 308. 14 Re Wood, Skinner & Co., Ltd., [19441_ Ch. 323. 15 Re F. de Jong & Co., Ltd., [1946] Ch. 211. 16 Per _Astbury, J., in Re Fraser and Chalmers, Ltd., [1919] 2 Ch. 114, 120. 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" expressly provide for what is payment of arrears, such arrears are payable out of what is surplus assets whether or not any profits are included in what is assets." But if what is articles only provide for payment of all arrears " due " at the date of winding up, no arrears will be payable unless dividends have been declared, because a dividend is not due until it has been declared. (12) A provision that preference shares shall rank both as regards dividends and capital in priority to what is ordinary shares, but with no right " to any further participation in profits or assets " entitles what is preference shareholders to receive arrears of dividends, although not declared, in priority to what is repayment of capital to what is ordinary shareholders. (13) But a similar provision omitting any reference to further participation in profits or assets confers a right to participate in surplus assets, but no right to undeclared arrears of preference dividend in a winding Up. (14) Articles conferring "priority as to dividend and capital over what is other shares in what is capital " give a right to arrears of cumulative preference dividends in a winding up in priority to what is ordinary shares. (15) Preference shares have no priority as to capital in what is event of a winding up. Such a right may, however, be given by what is articles, and its effect is that after what is company's debts and liabilities have been paid, what is preference shareholders are entitled to repayment of their capital in full in priority to what is ordinary shareholders. If there are surplus assets available after what is discharge of all what is company's liabilities and what is repayment of what is capital to the shareholders, such surplus is divisible rateably among what is ordinary and what is preference shareholders in what is absence of any provision in what is articles to what is contrary. what is principle in such a case is that " all shareholders are entitled to equal treatment unless and to what is extent that their rights in this respect are modified by what is contract under which they hold their shares."(16) In re William Metcalfe & Sons, Ltd., [1933] Ch. 142. what is articles provided that what is preference shares should be entitled to a fixed cumulative dividend of 5 per cent. with priority as to capital in a winding up. Dividends were regularly paid on what is preference shares but no dividends had been paid on what is ordinary shares since 1918. 11 Re Springbok Agricultural Estates, Ltd., [1920] 1 Ch. 563, differing from In re W. J. Hall & Co., [1909] 1 Ch. 521. 12 Re Roberts and Cooper, Ltd., [1929] 2 Ch. 383. 13 Re Walter Symons, Ltd., [1934] Ch. 308. 14 Re Wood, Skinner & Co., Ltd., [19441_ Ch. 323. 15 Re F. de Jong & Co., Ltd., [1946] Ch. 211. 16 Per _Astbury, J., in Re Fraser and Chalmers, Ltd., [1919] 2 Ch. 114, 120. where is Server.Execute("_SiteMap.asp") %

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