Books > Old Books > Poetry Northwest (1959)


Page 89

CHAPTER 9
CAPITAL

as small fractions as you please." He also refers to stock as " simply a set of shares put together in a bundle."
A company cannot issue stock directly ; it can only do so by converting shares into stock. The conversion can only be made if:
1. The shares are fully paid up.
2. The articles authorise the conversion.
3. The conversion is effected by the company in general meeting.
4. Notice of the conversion is given to the Registrar within a month (s. 62).
Table A, Art. 40, provides that the conversion of shares into stock shall be effected by ordinary resolution.
An issue of stock partly paid up is ultra vires and void.

In re Home and Foreign Investment, etc., Co., [1912] 1 Ch. 72. A company had fully paid up ordinary and preference shares. It then (i) converted its ordinary and preference shares into stock, (ii) gave the holders of preference stock extra bonus
stock to maintain their former dividends, (iii) issued new fully paid up ordinary and preference stock, and (iv) issued new partly paid up ordinary and preference stock. Many years after these issues were made, the company went into liquidation, and, after the creditors were paid, there was a surplus to distribute among the members. Held, (a) that the bonus stock was ultra vires and void, and no distribution could be made in respect of it; (b) that the direct issue of new stock was irregular, but having regard to the lapse of time, the irregularity had been waived, and the holders were entitled to rank for distribution in respect of it; (c) that the partly paid up stock was ultra vires and void, and in the same position as the bonus stock; and (d) that the owners of the bonus and the partly paid up stock were not liable for any calls and could not recover the amount paid up.

Although stock can be transferred in fractional amounts, the articles usually confer on the directors power to fix the minimum amount transferable. Table A, Art. 41, gives the directors this power. The method of transferring stock is laid down in the articles. Table A provides that stock may be transferred in the same manner and subject to the same regulations as the shares from which the stock arose might previously to conversion have been transferred. Art. 42 also provides that stock holders shall, according to the amount of their stock, have the same rights, privileges and advantages as regards dividends, voting at meetings of the' company, and other matters as if the conversion had not taken place.
When the articles are in the form of Table A, a register of stock holders must be kept and transfers registered therein. Stock certificates similar in form to share certificates must be issued. If the articles permit it stock warrants transferable by delivery may be issued. (23)

23 Pilkington v. United Railways of Havana, [1930] 2 Ch. 108.

travel books:
where is HTML where is HEAD where is TITLE as small fractions as you please." He also refers to stock as " simply a set of shares put together in a bundle." A company cannot issue stock directly ; it can only do so by converting shares into stock. what is conversion can only be made if: 1. what is shares are fully paid up. 2. what is articles authorise what is conversion. 3. what is conversion is effected by what is company in general meeting. 4. Notice of what is conversion is given to what is Registrar within a month (s. 62). Table A, Art. 40, provides that what is conversion of shares into stock shall be effected by ordinary resolution. An issue of stock partly paid up is ultra vires and void. In re Home and Foreign Investment, etc., Co., [1912] 1 Ch. 72. A company had fully paid up ordinary and preference shares. It then (i) converted its ordinary and preference shares into stock, (ii) gave what is holders of preference stock extra bonus stock to maintain their former dividends, (iii) issued new fully paid up ordinary and preference stock, and (iv) issued new partly paid up ordinary and preference stock. Many years after these issues were made, what is company went into liquidation, and, after what is creditors were paid, there was a surplus to distribute among what is members. Held, (a) that what is bonus stock was ultra vires and void, and no distribution could be made in respect of it; (b) that what is direct issue of new stock was irregular, but having regard to what is lapse of time, what is irregularity had been waived, and what is holders were entitled to rank for distribution in respect of it; (c) that what is partly paid up stock was ultra vires and void, and in what is same position as what is bonus stock; and (d) that what is owners of what is bonus and what is partly paid up stock were not liable for any calls and could not recover what is amount paid up. Although stock can be transferred in fractional amounts, what is articles usually confer on what is directors power to fix what is minimum amount transferable. Table A, Art. 41, gives what is directors this power. what is method of transferring stock is laid down in what is articles. Table A provides that stock may be transferred in what is same manner and subject to what is same regulations as what is shares from which what is stock arose might previously to conversion have been transferred. Art. 42 also provides that stock holders shall, according to what is amount of their stock, have what is same rights, privileges and advantages as regards dividends, voting at meetings of the' company, and other matters as if what is conversion had not taken place. When what is articles are in what is form of Table A, a register of stock holders must be kept and transfers registered therein. Stock certificates similar in form to share certificates must be issued. If what is articles permit it stock warrants transferable by delivery may be issued. (23) 23 Pilkington v. United Railways of Havana, [1930] 2 Ch. 108. 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 89 where is strong CHAPTER 9 CAPITAL where is p align="justify" as small fractions as you please." He also refers to stock as " simply a set of shares put together in a bundle." A company cannot issue stock directly ; it can only do so by converting shares into stock. what is conversion can only be made if: 1. what is shares are fully paid up. 2. what is articles authorise what is conversion. 3. what is conversion is effected by what is company in general meeting. 4. Notice of what is conversion is given to what is Registrar within a month (s. 62). Table A, Art. 40, provides that what is conversion of shares into stock shall be effected by ordinary resolution. An issue of stock partly paid up is ultra vires and void. In re Home and Foreign Investment, etc., Co., [1912] 1 Ch. 72. A company had fully paid up ordinary and preference shares. It then (i) converted its ordinary and preference shares into stock, (ii) gave what is holders of preference stock extra bonus stock to maintain their former dividends, (iii) issued new fully paid up ordinary and preference stock, and (iv) issued new partly paid up ordinary and preference stock. Many years after these issues were made, what is company went into liquidation, and, after what is creditors were paid, there was a surplus to distribute among what is members. Held, (a) that what is bonus stock was ultra vires and void, and no distribution could be made in respect of it; (b) that what is direct issue of new stock was irregular, but having regard to what is lapse of time, what is irregularity had been waived, and what is holders were entitled to rank for distribution in respect of it; (c) that what is partly paid up stock was ultra vires and void, and in what is same position as what is bonus stock; and (d) that what is owners of what is bonus and what is partly paid up stock were not liable for any calls and could not recover what is amount paid up. Although stock can be transferred in fractional amounts, what is articles usually confer on what is directors power to fix what is minimum amount transferable. Table A, Art. 41, gives what is directors this power. what is method of transferring stock is laid down in what is articles. Table A provides that stock may be transferred in what is same manner and subject to what is same regulations as what is shares from which what is stock arose might previously to conversion have been transferred. Art. 42 also provides that stock holders shall, according to what is amount of their stock, have what is same rights, privileges and advantages as regards dividends, voting at meetings of the' company, and other matters as if what is conversion had not taken place. When what is articles are in what is form of Table A, a register of stock holders must be kept and transfers registered therein. Stock certificates similar in form to share certificates must be issued. If what is articles permit it stock warrants transferable by delivery may be issued. (23) 23 Pilkington v. United Railways of Havana, [1930] 2 Ch. 108. where is Server.Execute("_SiteMap.asp") %

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