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each other. This means, that there is a question of construction to be determined and undesirable though it may be that fine distinctions should be drawn in commercial documents such as articles of association of a company, your
Lordships cannot decide that the articles here under review have a particular meaning, because to somewhat similar articles in such cases as
97:, and the company was waiting for reimbursement. In advance of liquidation the company procured a special resolution for reduction of capital, whereby all paid up capital would be returned to preference shareholders, to settle any claims. The aim was to eliminate them from the company, so ordinary shareholders could get excesses from
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It is clear from the authorities, and would be clear without them, that, subject to any relevant provision of the general law, the rights inter se of preference and ordinary shareholders must depend on the terms of the instrument which contains the bargain that they have made with the company and
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compensation. The preference shareholders, including
Scottish Insurance Corp Ltd complained that they should be able to share in the proceeds from liquidated assets.
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The House of Lords held that preference shareholders had no right to share in surplus assets, so it could not be said that the scheme was not fair and equitable.
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77:. It illustrates that where the rights of shares are explained in the articles, that is likely to be an exhaustive statement.
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Scottish
Insurance Corp Ltd v Wilsons & Clyde Coal Co Ltd
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Insurance Corp Ltd v Wilsons & Clyde Coal Co Ltd
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Scottish
Insurance Corp v Wilsons & Clyde Coal Ltd
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Scottish
Insurance Corp v Wilsons & Clyde Coal Ltd
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Ch 142 that meaning has been judicially attributed.
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197:Borland’s Trustee v Steel Brothers & Co Ltd
93:. The company's assets were transferred to the
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249:Will v United Lankat Plantations Co Ltd
237:Dimbula Valley (Ceylon) Tea Co v Laurie
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91:Coal Industry Nationalisation Act 1946
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342:Wilsons and Clyde Coal Ltd v English
85:Wilsons & Clyde Coal Co Ltd was
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58:Shares, nationalisation
184:Andrews v Gas Meter Co
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175:(1889) 14 App Cas 525
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401:House of Lords cases
391:1949 in British law
113:said the following
99:compulsory purchase
95:National Coal Board
299:Companies Act 2006
282:Companies Act 2006
209:Companies Act 2006
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361:AC 462, 488
380:Categories
368:References
301:ss 10 and
211:ss 33 and
89:under the
274:77/91/EEC
264:BCLC 224
201:1 Ch 279
187:1 Ch 361
129:See also
105:Judgment
53:Keywords
45:Citation
290:561-571
286:549-551
240:Ch 353
228:AC 462
75:shares
48:AC 462
350:Notes
345:AC 57
316:Ch 87
252:AC 11
213:282-4
81:Facts
37:Court
323:see
288:and
303:617
284:ss
382::
156:e
149:t
142:v
20:)
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