Shares Debentures and Dividends Discussion

Shares Debentures and Dividends Discussion
Shares Debentures and Dividends Discussion
270 My company is limited by guarantee. Can I safely ignore the
questions about share capital and dividends? 145
271 What is the significance of different classes of share? 145
272 How do preference shares differ from ordinary shares? 146
273 What is the difference between cumulative preference
shares and non-cumulative preference shares? 147
274 What is meant by the term ‘partly paid shares’? 147
275 Can I buy shares using a nominee name? 148
276 What is meant by the term ‘pre-emption rights’? 148
277 Are there some circumstances in which pre-emption rights
do not apply? 149
278 May shares be issued at a premium and may they be
issued at a discount? 149
xxii 501 QUESTIONS FOR COMPANY DIRECTORS AND COMPANY SECRETARIES
279 What must happen in the event of a serious loss of
capital by a public company? 149
280 In what circumstances may shares be forfeited or surrendered? 150
281 Is interest payable if calls are paid late? 150
282 Can stock be converted into shares? 150
Shares Debentures and Dividends Discussion
283 Can a minor own shares in his own name? 150
Debentures 151
284 What is the essential difference between shares and debentures? 151
285 What charges must be registered? 152
286 What is the position if a charge is not registered? 152
Dividends 153
287 Out of what funds may dividends be paid? 153
288 Do the same restrictions apply to the payment of interest
on loan stock and debentures? 153
289 What is the procedure for declaring and paying an
interim dividend? 154
290 What is the procedure for declaring and paying a final dividend? 154
291 Please give me examples of resolutions for the declaration
of an interim dividend and a final dividend. 154
292 My company has passed an elective resolution not to hold
annual general meetings. How can dividends be paid? 155
293 Shareholder A sold shares to Shareholder B at about the time
that the dividend was declared. Which one gets the dividend? 155
294 Is it necessary to pass a resolution to pay a dividend
on preference shares? 155
295 What is a scrip dividend? 156
296 Is it compulsory to provide a tax voucher? 156
297 Is the issue of a duplicate tax voucher permitted? 157
298 The shareholders want bigger dividends than the directors
are willing to recommend. What happens? 157
299 Can a shareholder waive a dividend? 157
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