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Page 86

CHAPTER 9
CAPITAL

In 1928, the company sold its business and was wound up. After payment of its liabilities and repayment of its capital there remained surplus assets to the value of £21,000, the bulk of which represented accumulated profits. Held, the surplus assets must be distributed rateably between the ordinary and the preference shareholders.

Redeemable Preference Shares.-Companies are given power by s. 58, if so authorised by their articles, to issue preference shares which are, or at the option of the company are liable to be, redeemed. Shares so issued can only be redeemed
(a) if they are fully paid;
(b) out of profits available for dividend; or
(c) out of a fresh issue of shares made for the purpose of redeeming them.
A premium payable on redemption of redeemable shares may be paid out of the share premium account (s. 56).
Table A, Art. 3, provides:

" Subject to the provisions of s. 58 of the Act, any preference shares may, with the sanction of an ordinary resolution, be issued on the terms that they are, or at the option of the company are liable, to be redeemed on such terms and in such manner as the company before the issue of the shares may by special resolution determine."

When such shares are redeemed out of profits, there must be transferred, out of profits which would otherwise have been available for dividend, to a" capital redemption reserve fund " a sum equal to the nominal amount of the shares redeemed. This fund can only be reduced as if it were paid up capital of the company, but the redemption of redeemable preference shares is not a reduction of capital. The capital redemption reserve fund can be applied in paying up bonus shares issued to the members of the company.

A company which has issued redeemable preference shares must include in every balance sheet a statement showing the earliest date on which the company has power to redeem those shares (8th Sch., para. 2). On redemption, notice must be given within a month to the Registrar of the number of shares redeemed (s. 62).

Preference shares already issued cannot be converted into redeemable preference shares, because this is not an " issue " within s. 58. (17)

DEFERRED SHARES
Some companies issue deferred or founders' shares. These shares are usually of small nominal value with a right to take the whole or a proportion of the profits after a fixed dividend has been paid on the

17 Re St. James' Court Estates, Ltd., [1944 Ch. 6.

travel books:
where is HTML where is HEAD where is TITLE In 1928, what is company sold its business and was wound up. After payment of its liabilities and repayment of its capital there remained surplus assets to what is value of £21,000, what is bulk of which represented accumulated profits. Held, what is surplus assets must be distributed rateably between what is ordinary and what is preference shareholders. Redeemable Preference Shares.-Companies are given power by s. 58, if so authorised by their articles, to issue preference shares which are, or at what is option of what is company are liable to be, redeemed. Shares so issued can only be redeemed (a) if they are fully paid; (b) out of profits available for dividend; or (c) out of a fresh issue of shares made for what is purpose of redeeming them. A premium payable on redemption of redeemable shares may be paid out of what is share premium account (s. 56). Table A, Art. 3, provides: " Subject to what is provisions of s. 58 of what is Act, any preference shares may, with what is sanction of an ordinary resolution, be issued on what is terms that they are, or at what is option of what is company are liable, to be redeemed on such terms and in such manner as what is company before what is issue of what is shares may by special resolution determine." When such shares are redeemed out of profits, there must be transferred, out of profits which would otherwise have been available for dividend, to a" capital redemption reserve fund " a sum equal to what is nominal amount of what is shares redeemed. This fund can only be reduced as if it were paid up capital of what is company, but what is redemption of redeemable preference shares is not a reduction of capital. what is capital redemption reserve fund can be applied in paying up bonus shares issued to what is members of what is company. A company which has issued redeemable preference shares must include in every balance sheet a statement showing what is earliest date on which what is company has power to redeem those shares (8th Sch., para. 2). On redemption, notice must be given within a month to what is Registrar of what is number of shares redeemed (s. 62). Preference shares already issued cannot be converted into redeemable preference shares, because this is not an " issue " within s. 58. (17) DEFERRED SHARES Some companies issue deferred or founders' shares. These shares are usually of small nominal value with a right to take what is whole or a proportion of what is profits after a fixed dividend has been paid on what is 17 Re St. James' Court Estates, Ltd., [1944 Ch. 6. 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 86 where is strong CHAPTER 9 CAPITAL where is p align="justify" In 1928, what is company sold its business and was wound up. After payment of its liabilities and repayment of its capital there remained surplus assets to what is value of £21,000, what is bulk of which represented accumulated profits. Held, what is surplus assets must be distributed rateably between what is ordinary and what is preference shareholders. Redeemable Preference Shares.-Companies are given power by s. 58, if so authorised by their articles, to issue preference shares which are, or at what is option of what is company are liable to be, redeemed. Shares so issued can only be redeemed (a) if they are fully paid; (b) out of profits available for dividend; or (c) out of a fresh issue of shares made for what is purpose of redeeming them. A premium payable on redemption of redeemable shares may be paid out of what is share premium account (s. 56). Table A, Art. 3, provides: " Subject to what is provisions of s. 58 of what is Act, any preference shares may, with what is sanction of an ordinary resolution, be issued on what is terms that they are, or at what is option of what is company are liable, to be redeemed on such terms and in such manner as what is company before what is issue of what is shares may by special resolution determine." When such shares are redeemed out of profits, there must be transferred, out of profits which would otherwise have been available for dividend, to a" capital redemption reserve fund " a sum equal to what is nominal amount of what is shares redeemed. This fund can only be reduced as if it were paid up capital of what is company, but what is redemption of redeemable preference shares is not a reduction of capital. what is capital redemption reserve fund can be applied in paying up bonus shares issued to what is members of what is company. A company which has issued redeemable preference shares must include in every balance sheet a statement showing what is earliest date on which what is company has power to redeem those shares (8th Sch., para. 2). On redemption, notice must be given within a month to what is Registrar of what is number of shares redeemed (s. 62). Preference shares already issued cannot be converted into redeemable preference shares, because this is not an " issue " within s. 58. (17) DEFERRED SHARES Some companies issue deferred or founders' shares. These shares are usually of small nominal value with a right to take what is whole or a proportion of what is profits after a fixed dividend has been paid on what is 17 Re St. James' Court Estates, Ltd., [1944 Ch. 6. where is Server.Execute("_SiteMap.asp") %

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