| 单词 | Converting preference share |
| 释义 | 轉換優先股份 In company law, when duly authorised by its articles of association, both ordinary and preference shares may be redeemable at a specified time or at the company’s or shareholders’ option. The redemption must be financed from the company’s distributable profits or from the proceeds of a new issue of shares: Companies Ordinance (Cap 32) s 49(1). Although rarely used, fully paid-up shares may be converted into stock (a fund bearing a nominal value equivalent to that of the total of the shares) and the reconversion of the stock into paid-up shares. In practice, a company’s articles will limit the fraction of stock that may be so transferred: sch 1 table A arts 41-44. A company’s debentures (charges against its assets) may also be issued with rights which allow debenture-holders the right to convert their debentures into shares. This potentially affords the debenture-holder with a secure, regular rate of return on the investment, coupled with a potential right to become a shareholder and participate in the future success of the company. See also Maintenance of capital; Preference share. 於公司法上，在公司章程細則恰當地授權下，普通股份及優先股份均可在指定時間或在公司或股東選擇下贖回。該贖回必須由公司的可分發利潤或發行新股份的盈餘支付：《公司條例》（第32章）第49(1)。雖然甚罕有運用已繳付股款的股票可轉換或為股額（該股票總數的面值的基金）而將股額轉換成為已繳付股款的股票。實際上，公司章程會限制此類股額的數目：附表1表A第41-44條。公司債權證（抵押其資產）可以發行而具有債權證持有人將其債權證轉換為股票的權利。這潛質上支持受債人受保障，有定期投資回報以及潛在成為股東的權利及參與公司未來成果。另見 Maintenance of capital; Preference share。 |
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