https://www.taxtmi.com/caselaws?id=97782 Allotment of ordinary shares in 1920 was held valid as having been made in accordance with members' rights. Preference shareholders expressly entitled to participate in "further surplus assets" on winding up share rateably in assets remaining after payment of creditors, costs, arrears of preference dividends and repayment of paid up capital; undistributed but unappropriated profits form part of that surplus unless validly appropriated earlier. Article 140 permits capitalisation of distributable reserves, including bona fide revaluation reserves, provided it does not conflict with entrenched preference rights. Voting on a poll follows the stated ratios: one vote per five ordinary shares and one per preference share. en-us Thu, 02 Feb 1961 00:00:00 +0530 Wed, 18 Jan 2012 10:55:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=97782 Allotment of ordinary shares in 1920 was held valid as having been made in accordance with members' rights. Preference shareholders expressly entitled to participate in "further surplus assets" on winding up share rateably in assets remaining after payment of creditors, costs, arrears of preference dividends and repayment of paid up capital; undistributed but unappropriated profits form part of that surplus unless validly appropriated earlier. Article 140 permits capitalisation of distributable reserves, including bona fide revaluation reserves, provided it does not conflict with entrenched preference rights. Voting on a poll follows the stated ratios: one vote per five ordinary shares and one per preference share. Case-Laws Companies Law Thu, 02 Feb 1961 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97782