| 单词 | Cumulative preference share |
| 释义 | 累積優先股 A preference share issued with a cumulative dividend right. If a dividend is not paid on a cumulative preference share in a particular year, the arrears must be made up in the subsequent years: Re Wakley; Wakley v Vachell [1920] 2 Ch 205, All ER 749. Until the whole amount of an accumulated preference dividend is paid, shareholders of ordinary and deferred classes are not entitled to receive any dividend: Re Wakley; Wakley v Vachell, supra. An issuing company’s memorandum or articles should indicate whether preference shares are cumulative or non-cumulative. At common law, there is a rebuttable presumption that a preference dividend is cumulative: Henry v Great Northern Railway Co (1857) 1 De G & J 606, 27 LJ Ch 1. But the presumption may be rebutted, for example where the dividend is declared to be payable from ‘yearly profits’, or ‘out of the net profits of each year’. See also Cumulative dividend right; Preference share. 附有累積股利分配權的優先股。如果累積優先股的股利在特定的年份沒有分配，欠付股利必須在以後的年份中予以補償：Re Wakley; Wakley v Vachell [1920] 2 Ch 205, All ER 749。在累積優先股的全部股利支付之前，普通股和遞延付息股份的持有者無權接受任何股利：Re Wakley; Wakley v Vachell, 見上文。股份發行公司應該在備忘錄或章程中說明優先股是否是累積性的。在普通法中，優先股假定是累積性的：Henry v Great Northern Railway Co (1857) 1 De G & J 606, 27 LJ Ch 1。然而，該假定在股利被宣布從「年度利潤」或者「每年淨利潤」中支付等情形下是可以被推翻的。另見 Cumulative dividend right; Preference share。 |
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