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CHAPTER 14
DIVIDENDS

Creation of Reserve Fund.-The articles often contain provisions, dealing with the creation of a reserve fund. Table A, Art. 117, says:
" The directors may, before recommending any dividend, set aside out of the profits of the company such sums as they think proper as a reserve or reserves which shall, at the discretion of the directors, be applicable for any purpose to which the profits of the company may be properly applied, and pending such application may, at the - like discretion, either be employed in the business of the company or be invested in such investments (other than shares of the company) as the directors may from time to time think fit. The directors may also without placing the same to reserve carry forward any profits which they may think prudent not to divide."
Even without such a power in the articles a company may create a reserve, as this is a business question for the decision of the company itself. (22)
A reserve fund may at any time be distributed as dividend oremployed in any other way authorised by the articles. The fact that it has been used in the business does not show that it has been capitalised so as not to be available for dividend. (23)
Method of Payment.-The articles usually provide, as does Table A, Art. 121, for the payment of dividends by cheque or warrant sent through the post to the registered address of the shareholder. In the absence of such a provision in the articles, the company will have to issue a fresh dividend warrant to the shareholder should the warrant first sent be lost in the post. (24)
Capitalising Profits.-Unless power is given in the articles, dividends, declared must be paid in cash, and a shareholder can restrain the company from paying them in any other way.
Wood v. Odessa Waterworks Co. (1889), 42 Ch. D. 636. A company declared a. dividend and passed a resolution to pay it by giving to the shareholders debenture bonds bearing interest, and redeemable at par, by an annual drawing extending over thirty years. The articles empowered the company to declare a dividend "to be paid " to the shareholders. Held, the words " to be paid " meant paid in cash, and a.
shareholder could restrain the company from acting on the resolution.
Accordingly, if it is desired to have the power to pay dividends, otherwise than in cash, the articles should authorise the company to pay a dividend by issuing debentures or fully paid shares to the shareholders or by paying up part or the whole of the amount unpaid on their shares. Table A, Art. 120, provides:
" Any general meeting declaring a dividend or bonus may direct payment of such dividend or bonus wholly or partly by the distribution of specific assets and in particular

22 Burland v. Earle, [1902] A. C. 83.
23 Re Hoare & Co., [1904] 2 Ch. 280.
24 See Thairlwall v. G. N. By., [1910] 2 K. B. 509.

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where is HTML where is HEAD where is TITLE Creation of Reserve Fund.-The articles often contain provisions, dealing with what is creation of a reserve fund. Table A, Art. 117, says: " what is directors may, before recommending any dividend, set aside out of what is profits of what is company such sums as they think proper as a reserve or reserves which shall, at what is discretion of what is directors, be applicable for any purpose to which what is profits of what is company may be properly applied, and pending such application may, at what is - like discretion, either be employed in what is business of what is company or be invested in such investments (other than shares of what is company) as what is directors may from time to time think fit. what is directors may also without placing what is same to reserve carry forward any profits which they may think prudent not to divide." Even without such a power in what is articles a company may create a reserve, as this is a business question for what is decision of what is company itself. (22) A reserve fund may at any time be distributed as dividend oremployed in any other way authorised by what is articles. what is fact that it has been used in what is business does not show that it has been capitalised so as not to be available for dividend. (23) Method of Payment.-The articles usually provide, as does Table A, Art. 121, for what is payment of dividends by cheque or warrant sent through what is post to what is registered address of what is shareholder. In what is absence of such a provision in what is articles, what is company will have to issue a fresh dividend warrant to what is shareholder should what is warrant first sent be lost in what is post. (24) Capitalising Profits.-Unless power is given in what is articles, dividends, declared must be paid in cash, and a shareholder can restrain what is company from paying them in any other way. Wood v. Odessa Waterworks Co. (1889), 42 Ch. D. 636. A company declared a. dividend and passed a resolution to pay it by giving to what is shareholders debenture bonds bearing interest, and redeemable at par, by an annual drawing extending over thirty years. what is articles empowered what is company to declare a dividend "to be paid " to what is shareholders. Held, what is words " to be paid " meant paid in cash, and a. shareholder could restrain what is company from acting on what is resolution. Accordingly, if it is desired to have what is power to pay dividends, otherwise than in cash, what is articles should authorise what is company to pay a dividend by issuing debentures or fully paid shares to what is shareholders or by paying up part or what is whole of what is amount unpaid on their shares. Table A, Art. 120, provides: " Any general meeting declaring a dividend or bonus may direct payment of such dividend or bonus wholly or partly by what is distribution of specific assets and in particular 22 Burland v. Earle, [1902] A. C. 83. 23 Re Hoare & Co., [1904] 2 Ch. 280. 24 See Thairlwall v. G. N. By., [1910] 2 K. B. 509. 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 160 where is strong CHAPTER 14 DIVIDENDS where is p align="justify" Creation of Reserve Fund.-The articles often contain provisions, dealing with what is creation of a reserve fund. Table A, Art. 117, says: " what is directors may, before recommending any dividend, set aside out of what is profits of what is company such sums as they think proper as a reserve or reserves which shall, at what is discretion of what is directors, be applicable for any purpose to which what is profits of what is company may be properly applied, and pending such application may, at what is - like discretion, either be employed in what is business of what is company or be invested in such investments (other than shares of what is company) as what is directors may from time to time think fit. what is directors may also without placing what is same to reserve carry forward any profits which they may think prudent not to divide." Even without such a power in what is articles a company may create a reserve, as this is a business question for what is decision of what is company itself. (22) A reserve fund may at any time be distributed as dividend oremployed in any other way authorised by what is articles. what is fact that it has been used in what is business does not show that it has been capitalised so as not to be available for dividend. (23) Method of Payment.-The articles usually provide, as does Table A, Art. 121, for what is payment of dividends by cheque or warrant sent through what is post to what is registered address of what is shareholder. In what is absence of such a provision in what is articles, what is company will have to issue a fresh dividend warrant to what is shareholder should what is warrant first sent be lost in what is post. (24) Capitalising Profits.-Unless power is given in what is articles, dividends, declared must be paid in cash, and a shareholder can restrain the company from paying them in any other way. Wood v. Odessa Waterworks Co. (1889), 42 Ch. D. 636. A company declared a. dividend and passed a resolution to pay it by giving to what is shareholders debenture bonds bearing interest, and redeemable at par, by an annual drawing extending over thirty years. what is articles empowered what is company to declare a dividend "to be paid " to what is shareholders. Held, what is words " to be paid " meant paid in cash, and a. shareholder could restrain what is company from acting on what is resolution. Accordingly, if it is desired to have what is power to pay dividends, otherwise than in cash, what is articles should authorise what is company to pay a dividend by issuing debentures or fully paid shares to what is shareholders or by paying up part or what is whole of the amount unpaid on their shares. Table A, Art. 120, provides: " Any general meeting declaring a dividend or bonus may direct payment of such dividend or bonus wholly or partly by what is distribution of specific assets and in particular 22 Burland v. Earle, [1902] A. C. 83. 23 Re Hoare & Co., [1904] 2 Ch. 280. 24 See Thairlwall v. G. N. By., [1910] 2 K. B. 509. where is Server.Execute("_SiteMap.asp") %

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