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COMPANIES CLAUSES ACT 1863 - SECT 14

Preference shares to be entitled to dividends only out of the profits of each year.

14. The preference shares or preference stock so issued shall be entitled to
the preferential dividend or interest assigned thereto, out of the profits of
each year, in priority to the ordinary shares and ordinary stock of the
company; but if in any year ending on the day prescribed in the special Act,
and, if no day is prescribed, then on the thirty-first day of December, there
are not profits available for the payment of the full amount of preferential
dividend or interest for that year, no part of the deficiency shall be made
good out of the profits of any subsequent year, or out of any other funds of
the company.

© 1863 Crown Copyright

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