ABSTRACT
The company was incorporated in 1873, with a capital of 1,150,000l., divided into 35,000 preferred and 80,000 ordinary shares of 10l. each. By article 97, “the net profits of the company shall be applied and divided as follows:—First, a dividend at the rate of seven per cent, per annum shall be paid on the preferred shares, in proportion to the amount for the time being paid up or deemed to have been paid up thereon. And subject to the payment of such dividend as aforesaid, a like dividend shall be paid on the ordinary shares. And after payment of such dividends as aforesaid on all the shares, the surplus of the net profits shall be distributed by way of dividend rateably amongst all the shareholders in such proportion as aforesaid, but without preference or distinction.
