The Ohio Law Reporter; A Weekly Journal Published in the Interest of the Legal Profession in the State of Ohio

The Ohio Law Reporter; A Weekly Journal Published in the Interest of the Legal Profession in the State of Ohio

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1921 edition. Excerpt: ...case they are given either all or partial voting rights; some preferreds are cumulative and some noncumulative as to dividend rights; some are limited in their earning participation to their preferred dividend; some after they receive their prcferred dividend participate either equally or to a certain per cent with the common; some are convertible into common stock as a matter of right at the option of the holder; some are redeemable pro rata or by lot; some provide for the establishment of a sinking fund based on certain percentage of earnings to be used in the purchase or redemption of the preferred stock; some restrict the amount of dividends which may be paid on the common stock until all the preferred stock has been retired; some provided for subscription rights to new issues of stock; some provide for the maintenance of net-quick assets or net tangible or net assets, at a certain per cent. of the aggregate amount of preferred outstanding; some provide that no preferred issue having priority over or standing on an equality with the authorized preferred, shall be authorized or issued, and no mortgage or lien on the company's property be created and no evidence of indebtedness issued maturing later than one year after date of issue, without the consent of a certain percentage, usually 75 per cent. of the preferred stock outstanding; some provide for the application of the proceeds from the sale of plants or real estate to the redemption of the preferred stock; these are the most usual provisions. There are, of course, many others and many variations of the above provisions. Too great stress can not be laid on the necessity of drawing these provisions carefully. All too frequently they are ambiguously drawn; for example, simply stating...show more

Product details

  • Paperback | 228 pages
  • 189 x 246 x 12mm | 413g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 123686719X
  • 9781236867193