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Page 91

CHAPTER 9
CAPITAL

2. cancel any paid up share capital which is lost or unrepresented by available assets; or
3. pay off any paid up share capital which is in excess of the wants of the company (s. 66).
Power to reduce must be given in the articles, power in the memorandum is not effective. (25) Table A, Art. 46, provides:

" The company may by special resolution reduce its share capital, any capital redemption reserve fund or any share premium account in any manner and with and subject to any incident authorised and consent required by law."

Stock may be reduced without being first converted into shares.(26) Capital which can only be called up on a winding up of the company may also be reduced. (27)

The mode of reduction is a domestic question for the majority of the shareholders to decide, (28) but when creditors are not concerned the questions to be considered are:
1. Ought the Court to refuse its sanction to the reduction out of regard to the interests of those members of the public who may be induced to take shares in the company ?
2. Is the reduction fair and equitable as between the different classes of shareholders ? (29)
In considering what is fair as between different classes of shareholders, the Court proceeds upon the basis that a reduction is a sort of anticipation to a limited extent of what would take place in a winding up. Accordingly, if capital is lost, the loss should, prima facie, fall upon all the shareholders equally if their rights in respect of capital are equal. If, therefore, preference shareholders are only preferential as to dividend and not as to capital, a reduction of capital should be borne rateably by the preference and the ordinary shareholders. (30) On the other hand, if on a winding up they are entitled to preference as to capital, the ordinary shares should bear the loss. (31)
The Court, however, is not bound in any way, and can sanction any scheme of reduction which it considers to be fair. If the articles

25 Re Dexine Rubber Co., [1903] W. N. 82.
26 Re Household Property and Investment Co., [1912] W. N. 110.
27 Midland Ry. Carriage Co., [1907] W. N. 175.
28 Per Lord Watson, in British and American Finance Corpn. v. Couper, [1894] A. C. at p. 408.
29 Poole v. Nat. Bank of China, [1907] A. C. 229.
30 Bannatyne v. Direct Spanish Telegraph Co. (1886), 34 Ch. D. 287
31 Floating Dock Co. of St. Thomas, [1895] 1 Ch. 691.

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where is HTML where is HEAD where is TITLE 2. cancel any paid up share capital which is lost or unrepresented by available assets; or 3. pay off any paid up share capital which is in excess of what is wants of what is company (s. 66). Power to reduce must be given in what is articles, power in what is memorandum is not effective. (25) Table A, Art. 46, provides: " what is company may by special resolution reduce its share capital, any capital redemption reserve fund or any share premium account in any manner and with and subject to any incident authorised and consent required by law." Stock may be reduced without being first converted into shares.(26) Capital which can only be called up on a winding up of what is company may also be reduced. (27) what is mode of reduction is a domestic question for what is majority of what is shareholders to decide, (28) but when creditors are not concerned what is questions to be considered are: 1. Ought what is Court to refuse its sanction to what is reduction out of regard to what is interests of those members of what is public who may be induced to take shares in what is company ? 2. Is what is reduction fair and equitable as between what is different classes of shareholders ? (29) In considering what is fair as between different classes of shareholders, what is Court proceeds upon what is basis that a reduction is a sort of anticipation to a limited extent of what would take place in a winding up. Accordingly, if capital is lost, what is loss should, prima facie, fall upon all what is shareholders equally if their rights in respect of capital are equal. If, therefore, preference shareholders are only preferential as to dividend and not as to capital, a reduction of capital should be borne rateably by what is preference and what is ordinary shareholders. (30) On what is other hand, if on a winding up they are entitled to preference as to capital, what is ordinary shares should bear what is loss. (31) what is Court, however, is not bound in any way, and can sanction any scheme of reduction which it considers to be fair. If what is articles 25 Re Dexine Rubber Co., [1903] W. N. 82. 26 Re Household Property and Investment Co., [1912] W. N. 110. 27 Midland Ry. Carriage Co., [1907] W. N. 175. 28 Per Lord Watson, in British and American Finance Corpn. v. Couper, [1894] A. C. at p. 408. 29 Poole v. Nat. Bank of China, [1907] A. C. 229. 30 Bannatyne v. Direct Spanish Telegraph Co. (1886), 34 Ch. D. 287 31 Floating Dock Co. of St. Thomas, [1895] 1 Ch. 691. 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 91 where is strong CHAPTER 9 CAPITAL where is p align="justify" 2. cancel any paid up share capital which is lost or unrepresented by available assets; or 3. pay off any paid up share capital which is in excess of what is wants of what is company (s. 66). Power to reduce must be given in what is articles, power in what is memorandum is not effective. (25) Table A, Art. 46, provides: " what is company may by special resolution reduce its share capital, any capital redemption reserve fund or any share premium account in any manner and with and subject to any incident authorised and consent required by law." Stock may be reduced without being first converted into shares.(26) Capital which can only be called up on a winding up of what is company may also be reduced. (27) what is mode of reduction is a domestic question for what is majority of what is shareholders to decide, (28) but when creditors are not concerned what is questions to be considered are: 1. Ought what is Court to refuse its sanction to what is reduction out of regard to what is interests of those members of what is public who may be induced to take shares in what is company ? 2. Is what is reduction fair and equitable as between what is different classes of shareholders ? (29) In considering what is fair as between different classes of shareholders, what is Court proceeds upon what is basis that a reduction is a sort of anticipation to a limited extent of what would take place in a winding up. Accordingly, if capital is lost, what is loss should, prima facie, fall upon all what is shareholders equally if their rights in respect of capital are equal. If, therefore, preference shareholders are only preferential as to dividend and not as to capital, a reduction of capital should be borne rateably by what is preference and what is ordinary shareholders. (30) On what is other hand, if on a winding up they are entitled to preference as to capital, what is ordinary shares should bear what is loss. (31) what is Court, however, is not bound in any way, and can sanction any scheme of reduction which it considers to be fair. If what is articles 25 Re Dexine Rubber Co., [1903] W. N. 82. 26 Re Household Property and Investment Co., [1912] W. N. 110. 27 Midland Ry. Carriage Co., [1907] W. N. 175. 28 Per Lord Watson, in British and American Finance Corpn. v. Couper, [1894] A. C. at p. 408. 29 Poole v. Nat. Bank of China, [1907] A. C. 229. 30 Bannatyne v. Direct Spanish Telegraph Co. (1886), 34 Ch. D. 287 31 Floating Dock Co. of St. Thomas, [1895] 1 Ch. 691. where is Server.Execute("_SiteMap.asp") %

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