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Page 271

CHAPTER 26
STATUTORY COMPANIES.

Preference Shares.-Preference shares can only be issued if authority i; given in the special Act. If such authority is given, the rate of dividend is not to exceed the rate prescribed in the special Act or, if no rate is prescribed, it is not to exceed 5 per cent. Preference shares so issued are non-cumulative. The terms and conditions on which preference shares are issued must be stated on the share certificates. (17)
Preference shares have no priority as to capital in a winding up unless the special Act so provides.
Re Accrington Corpn. Steam Tramways Co., [1909] 2 Ch. 40. In 1907 the undertaking of a statutory company was taken over by a local authority. On December 31, 1907, the balance sheet showed a capital deficiency of £11,000. On June 30, 1908, the company was wound up and the liquidator had £408 profit in hand arising from interest on investments and money on deposit. The preference shareholders claimed this as dividend or interest on their shares. Held, (1) the preference shareholders had no right to a dividend until it was declared, (2) they had no priority as to capital, and (3) the assets should be distributed rateably among all the shareholders in proportion to their capital.

Preference shares, when authorised, can be issued with priority of repayment of capital and, if so, it is not illegal to attach a condition that they shall not carry any right to participation in the surplus assets after the capital has been repaid. (18)

Stock.-Shares can be consolidated into stock with the consent of three-fifths of the votes of the shareholders present in person or by proxy at a general meeting summoned for that purpose. Holders of stock have the same right to participate in the dividends and profits of the company, and have the same privileges for the purposes of voting and qualification of directors as if they held shares of equal amount. (19)
New or preference stock can bee issued in the same way and subject to the same conditions as new or preference shares.

Cancellation of Shares or Stock.-A statutory company may cancel any unissued new shares or new stock, if it decides not to issue any new shares or new stock which it has created. (20)

17 Ibid., ss. 13-15.
ls Windermere District Gas and Water Co. v. Whitehead, [1931] 1 Ch. 558.
19 Companies Clauses Act, 1845, ss. 61-64.
20 Companies Clauses Act, 1863, s. 16.

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where is HTML where is HEAD where is TITLE Preference Shares.-Preference shares can only be issued if authority i; given in what is special Act. If such authority is given, what is rate of dividend is not to exceed what is rate prescribed in what is special Act or, if no rate is prescribed, it is not to exceed 5 per cent. Preference shares so issued are non-cumulative. what is terms and conditions on which preference shares are issued must be stated on what is share certificates. (17) Preference shares have no priority as to capital in a winding up unless what is special Act so provides. Re Accrington Corpn. Steam Tramways Co., [1909] 2 Ch. 40. In 1907 what is undertaking of a statutory company was taken over by a local authority. On December 31, 1907, what is balance sheet showed a capital deficiency of £11,000. On June 30, 1908, what is company was wound up and what is liquidator had £408 profit in hand arising from interest on investments and money on deposit. what is preference shareholders claimed this as dividend or interest on their shares. Held, (1) what is preference shareholders had no right to a dividend until it was declared, (2) they had no priority as to capital, and (3) what is assets should be distributed rateably among all what is shareholders in proportion to their capital. Preference shares, when authorised, can be issued with priority of repayment of capital and, if so, it is not illegal to attach a condition that they shall not carry any right to participation in what is surplus assets after what is capital has been repaid. (18) Stock.-Shares can be consolidated into stock with what is consent of three-fifths of what is votes of what is shareholders present in person or by proxy at a general meeting summoned for that purpose. Holders of stock have what is same right to participate in what is dividends and profits of what is company, and have what is same privileges for what is purposes of voting and qualification of directors as if they held shares of equal amount. (19) New or preference stock can bee issued in what is same way and subject to what is same conditions as new or preference shares. Cancellation of Shares or Stock.-A statutory company may cancel any unissued new shares or new stock, if it decides not to issue any new shares or new stock which it has created. (20) 17 Ibid., ss. 13-15. ls Windermere District Gas and Water Co. v. Whitehead, [1931] 1 Ch. 558. 19 Companies Clauses Act, 1845, ss. 61-64. 20 Companies Clauses Act, 1863, s. 16. 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 271 where is strong CHAPTER 26 STATUTORY COMPANIES. where is p align="justify" Preference Shares.-Preference shares can only be issued if authority i; given in what is special Act. If such authority is given, what is rate of dividend is not to exceed what is rate prescribed in what is special Act or, if no rate is prescribed, it is not to exceed 5 per cent. Preference shares so issued are non-cumulative. The terms and conditions on which preference shares are issued must be stated on what is share certificates. (17) Preference shares have no priority as to capital in a winding up unless what is special Act so provides. Re Accrington Corpn. Steam Tramways Co., [1909] 2 Ch. 40. In 1907 what is undertaking of a statutory company was taken over by a local authority. On December 31, 1907, what is balance sheet showed a capital deficiency of £11,000. On June 30, 1908, the company was wound up and what is liquidator had £408 profit in hand arising from interest on investments and money on deposit. what is preference shareholders claimed this as dividend or interest on their shares. Held, (1) what is preference shareholders had no right to a dividend until it was declared, (2) they had no priority as to capital, and (3) what is assets should be distributed rateably among all what is shareholders in proportion to their capital. Preference shares, when authorised, can be issued with priority of repayment of capital and, if so, it is not illegal to attach a condition that they shall not carry any right to participation in what is surplus assets after what is capital has been repaid. (18) Stock.-Shares can be consolidated into stock with what is consent of three-fifths of what is votes of what is shareholders present in person or by proxy at a general meeting summoned for that purpose. Holders of stock have what is same right to participate in what is dividends and profits of what is company, and have what is same privileges for what is purposes of voting and qualification of directors as if they held shares of equal amount. (19) New or preference stock can bee issued in what is same way and subject to what is same conditions as new or preference shares. Cancellation of Shares or Stock.-A statutory company may cancel any unissued new shares or new stock, if it decides not to issue any new shares or new stock which it has created. (20) 17 Ibid., ss. 13-15. ls Windermere District Gas and Water Co. v. Whitehead, [1931] 1 Ch. 558. 19 Companies Clauses Act, 1845, ss. 61-64. 20 Companies Clauses Act, 1863, s. 16. where is Server.Execute("_SiteMap.asp") %

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