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The Pamphlet Collection of Sir Robert Stout: Volume 27

VIII.—Conversion of Shares into Stock

VIII.—Conversion of Shares into Stock.

26. The Company may convert any Paid-up Shares into Stock.

27. When any Shares have been converted into Stock the several holders of such Stock may thence-forth transfer their respective interests therein or any part of such interests.

28. The several holders of Stock shall be entitled to participate in the Dividends and Profits of the Company according to the amount of their respective page 12 interests in such Stock And such interests shall in proportion to the amount thereof confer on the holders thereof respectively the same privileges and advantages for the purpose of voting at meetings of the Company and other purposes as would have been conferred by Shares of equal amount in the capital of the Company but so that none of such privileges or advantages except the participation in the Dividends and Profits of the Company shall be conferred by such aliquot part of Consolidated Stock as would not if vested in Shares have conferred such privileges or advantages.