https://www.taxtmi.com/caselaws?id=96596 Preference shareholders were held entitled to share in winding-up surplus assets with ordinary shareholders where, after payment of liabilities and return of paid-up capital, the memorandum and articles contained no express or necessarily implied exclusion. Preference rights to dividend and capital priority did not, by themselves, extinguish the ordinary incidents of membership or deny participation in the residue. The surplus was treated as common property of the contributories and had to be distributed in proportion to holdings without distinction of class. The appeal failed. en-us Fri, 04 Nov 1932 00:00:00 +0530 Mon, 09 Jan 2012 16:23:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=96596 Preference shareholders were held entitled to share in winding-up surplus assets with ordinary shareholders where, after payment of liabilities and return of paid-up capital, the memorandum and articles contained no express or necessarily implied exclusion. Preference rights to dividend and capital priority did not, by themselves, extinguish the ordinary incidents of membership or deny participation in the residue. The surplus was treated as common property of the contributories and had to be distributed in proportion to holdings without distinction of class. The appeal failed. Case-Laws Companies Law Fri, 04 Nov 1932 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=96596