| 单词 | Cumulative dividend right |
| 释义 | 累積股利分配權 A right attached to some preference shares which provides that if in any year the dividend is not paid, an amount equal to the amount of the unpaid dividend is added to the dividend to be paid in the next year. In the absence of express bargain to the contrary, this right is subject to the directors’ right to carry sums to reserve. The right only accrues when the dividend is declared and the court was very reluctant to compel directors to distribute more than they thought proper: Bond v Barrow Haematite Steel Co Ltd [1902] 1 Ch 353. However, the directors must act fairly in the interests of all classes. Unpaid dividends accumulate from year to year and take preference over payments of dividends to other shareholders. See also Dividend; Preference share. 一些優先股所附有的權利，該項權利規定任何營業年度內沒有支付的股利都可以如數累加到下一年度將要支付的股利中。如果沒有明確相反的主張，這項權利受制於公司董事設立留存金的權力。這項權利只有在股利被宣告的前提下才產生，而法院也極不願敦促董事分配他們認為不適當的股利：Bond v Barrow Haematite Steel Co Ltd [1902] 1 Ch 353。然而，董事必須為各類股東的利益公平行事。未支付的股利可以逐年累積，並優先於對其它股東股利的支付。另見 Dividend; Preference share。 |
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