In what circumstances will capital produced from B shares be used as a guarantee fund for the payment of dividends on the A shares?
Ontario, Canada
The following excerpt is from Union Bank of Canada v. McKillop & Sons, 1913 CanLII 27 (ON CA):
In Guinness v. Land Corporation of Ireland (1882), 22 Ch.D. 349, the application of the capital produced from B shares to what was in effect a guarantee fund for the payment of dividends on the A shares, was held not to be a proper application thereof to the objects of the company, nor incidental nor conducive to the attainment of those objects.
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