Two kinds of share capital.

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..... fils both the following requirements, namely: (a) that as respects dividends it carries or will carry a preferential right to be paid a fixed amount or an amount calculated at a fixed rate, which may be either free of or subject to income-tax; and (b) that as respect capital, it carries or will carry, on a winding up or repayment of capital, a preferential right to be repaid the amou .....

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..... tled to the preferen tial right aforesaid; (ii) that, as respects capital, in addition to the preferential right to the repayment, on a winding up, of the amounts specified in clause (b), it has a right to participate, whether fully or to a limited extent, with capital not entitled to that preferential right in any surplus which may remain after the entire capital has been repaid. (2) "Eq .....

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