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Page 88

CHAPTER 9
CAPITAL

The articles frequently provide that all new shares shall, before issue, be offered to the existing shareholders in proportion to the shares in the company which they hold, and that if the shareholders decline to accept the shares so offered, the directors may dispose of them in the manner they think most beneficial to the company. The directors can be restrained by injunction from infringing such an article.

Gas Meter Co., Ltd. v. Diaphragm and General Leather Co., Ltd. (1925),41 T. L. R. 342. The D. company's articles provided that new shares should first be issued to existing shareholders. The G. company held so many shares in the D. company that it could control the voting power, and the D. company thereupon proposed to offer new shares to all shareholders except the G. company. Held, the D. company could be restrained by injunction from doing this.

The notice to the shareholders specifying the number of shares to which they are entitled is usually accompanied by a letter Of renunciation, enabling the shareholders to renounce the shares in favour of a named person. Such a letter must bear a sixpenny stamp to allow the shares to be sold. When shares are quoted on the Stock Exchange a letter of renunciation must accompany each offer of new shares.
The conditions on which the new shares are held are set out in the terms of issue. The articles usually provide that they shall be subject to the same provisions with reference to the payment of calls, lien, transfer, transmission, forfeiture, and otherwise as the shares in the original share capital.
Consolidation of Shares.-This takes place when several shares are consolidated into one, e.g., twenty Is. shares are consolidated into one 1pound share. Consolidation is effected in general meeting according to the articles. Table A, Art. 45, requires an ordinary resolution. Notice must be given to the Registrar within a month of the consolidation.
Stock.-The difference between stock and shares is described by Lord Hatherley (21) as follows: " Shares in a company, as shares, cannot be bought in small fractions of any amount, fractions of less than a pound,(22) but the consolidated stock of a company can be bought just in the same way as the stock of the public debt can be bought, split up into as many portions as you like, and sub-divided into

21 In Morrice v. Aylmer (1875), L. R. 7 H. L. 717.
22 This only refers to the shares of the particular company under discussion. The nominal value of shares may be less than a pound.

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where is HTML where is HEAD where is TITLE The articles frequently provide that all new shares shall, before issue, be offered to what is existing shareholders in proportion to what is shares in what is company which they hold, and that if what is shareholders decline to accept what is shares so offered, what is directors may dispose of them in what is manner they think most beneficial to what is company. what is directors can be restrained by injunction from infringing such an article. Gas Meter Co., Ltd. v. Diaphragm and General Leather Co., Ltd. (1925),41 T. L. R. 342. what is D. company's articles provided that new shares should first be issued to existing shareholders. what is G. company held so many shares in what is D. company that it could control what is voting power, and what is D. company thereupon proposed to offer new shares to all shareholders except what is G. company. Held, what is D. company could be restrained by injunction from doing this. what is notice to what is shareholders specifying what is number of shares to which they are entitled is usually accompanied by a letter Of renunciation, enabling what is shareholders to renounce what is shares in favour of a named person. Such a letter must bear a sixpenny stamp to allow what is shares to be sold. When shares are quoted on what is Stock Exchange a letter of renunciation must accompany each offer of new shares. what is conditions on which what is new shares are held are set out in what is terms of issue. what is articles usually provide that they shall be subject to what is same provisions with reference to what is payment of calls, lien, transfer, transmission, forfeiture, and otherwise as what is shares in what is original share capital. Consolidation of Shares.-This takes place when several shares are consolidated into one, e.g., twenty Is. shares are consolidated into one 1pound share. Consolidation is effected in general meeting according to what is articles. Table A, Art. 45, requires an ordinary resolution. Notice must be given to what is Registrar within a month of what is consolidation. Stock.-The difference between stock and shares is described by Lord Hatherley (21) as follows: " Shares in a company, as shares, cannot be bought in small fractions of any amount, fractions of less than a pound,(22) but what is consolidated stock of a company can be bought just in what is same way as what is stock of what is public debt can be bought, split up into as many portions as you like, and sub-divided into 21 In Morrice v. Aylmer (1875), L. R. 7 H. L. 717. 22 This only refers to what is shares of what is particular company under discussion. what is nominal value of shares may be less than a pound. 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 88 where is strong CHAPTER 9 CAPITAL where is p align="justify" The articles frequently provide that all new shares shall, before issue, be offered to what is existing shareholders in proportion to what is shares in what is company which they hold, and that if what is shareholders decline to accept what is shares so offered, what is directors may dispose of them in what is manner they think most beneficial to what is company. what is directors can be restrained by injunction from infringing such an article. Gas Meter Co., Ltd. v. Diaphragm and General Leather Co., Ltd. (1925),41 T. L. R. 342. what is D. company's articles provided that new shares should first be issued to existing shareholders. what is G. company held so many shares in what is D. company that it could control what is voting power, and what is D. company thereupon proposed to offer new shares to all shareholders except what is G. company. Held, what is D. company could be restrained by injunction from doing this. what is notice to what is shareholders specifying what is number of shares to which they are entitled is usually accompanied by a letter Of renunciation, enabling what is shareholders to renounce what is shares in favour of a named person. Such a letter must bear a sixpenny stamp to allow what is shares to be sold. When shares are quoted on what is Stock Exchange a letter of renunciation must accompany each offer of new shares. what is conditions on which what is new shares are held are set out in what is terms of issue. what is articles usually provide that they shall be subject to what is same provisions with reference to what is payment of calls, lien, transfer, transmission, forfeiture, and otherwise as what is shares in what is original share capital. Consolidation of Shares.-This takes place when several shares are consolidated into one, e.g., twenty Is. shares are consolidated into one 1pound share. Consolidation is effected in general meeting according to what is articles. Table A, Art. 45, requires an ordinary resolution. Notice must be given to what is Registrar within a month of what is consolidation. Stock.-The difference between stock and shares is described by Lord Hatherley (21) as follows: " Shares in a company, as shares, cannot be bought in small fractions of any amount, fractions of less than a pound,(22) but what is consolidated stock of a company can be bought just in what is same way as what is stock of what is public debt can be bought, split up into as many portions as you like, and sub-divided into 21 In Morrice v. Aylmer (1875), L. R. 7 H. L. 717. 22 This only refers to what is shares of what is particular company under discussion. what is nominal value of shares may be less than a pound. where is Server.Execute("_SiteMap.asp") %

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