第15章 Capital maintenance and dividend law资本的维持和分红
1.Capital Maintenance 资本维护
Creditor’s buffer: 公司盈利会留部分到一个储备账户，为了支付债权人的清偿，这个是留存的不能用于分红。
1.1 The single greatest advantage of trading through a company is the limited liability afforded to its members. In order to cure this companies face additional disclosure requirements, and have to follow the rules on capital maintenance, which prevent the members withdrawing their capital without restriction. 为了保证公司有额外的公开要求，公司必须遵守“资本维持”需求，来防止成员不受限制的撤回他们的资本。
The rules which dictate how a company is to manage and maintain its capital exist to maintain the delicate balance between the members’ enjoyment of limited liability and the creditors’ requirements
that the company shall remain able to pay its debt.这个规则表明公司是如何保持成员享有有限责任和债权人的安全达到微妙的平衡。
1.2 The doctrine of capital maintenance operates through the maintenance of the creditors’buffer. In esnce this is a collection of undistributable rerves that must be maintained by the company, thereby restricting the ability of a company to return capital to its members via dividends and share repurchas. 没有分配的利润保留，备在公司账户。严格限制公司通过分红和股份回购。
上表中，Retained earnings是可以分红的。Creditors’ buffer都是不能分配的。
2.Capital Reduction 资本的减少
Why reduce share capital?
•The company has suffered a loss in the value of its asts and it reduces its capital to reflect that fact. 公司资产遭受损失，则资本减少
•The company wishes to extinguish the interests of some members entirely. 公司支付成员的股利（分红）
•The capital reduction is part of a complicated arrangement of capital which may involve, for instance, replacing share capital with loan capital.比较复杂，举例：以借贷资本来代替股本。如股东A认缴额是50W，实缴30W，以20W借贷资本给公司作为剩余20W认缴额，然后把公司资产作为抵押。这样，公司清算时，这20W有抵押的，他能作为债权人收回这20W。 2.1 The procedures under which a company may reduce its capital are stated in the CA2006, allowing for three ways in which this can be achieved: 公司法允许的减少资本的步骤
a) Removing liability for unpaid calls on issued share capital 取消股份未缴付部分的义务（一般出现在公司盈利时）few
b) Paying back excess capital to shareholders, on fully paid shares 偿还超过公司需要的全部缴清的股本
c) Cancelling paid up share capital that has been lost 撤销已经丧失的全部缴清的股本。举例：股东有200W股本，然后他以股本为抵押问公司借钱。那么他没有偿还能力，那么这部分股本公司要处理掉。
2.2 Per the CA2006 private companies may reduce capital without court approval by following the procedures below: 根据公司法，一般来说，有限责任公司要降低股本，是不需要经过法律许可的，只
要按照下述步骤操作
A ) A special resolution is pasd 通过特殊决议
b) A statement of solvency is produced within 15days of the resolution，必须在特别决议作出的15天 内，给一个申明：公司有能力清偿债务
c) A copy of the solvency statement and a statement of capital are nt to the registrar within
15days of the resolution 决议后的15天内，把申明交给注册官。
小学古诗必背70首2.3 Public companies must continue to follow the established procedure which requires court approval for any reduction of capital and allows any member or creditorto object. 股份有限公司如果要减资，必须经过法院认可，而且允许任何成员和债权人提出异议。
3. Acquisition of own shares 获得自有资本
3.1 share repurcha 股票回购
a) A market purcha 市场回购
b) Off‐market purcha 市场外的回购
3.2 Public companiesare forbidden from repurchasing shares out of capital (creditors’buffer); however the rules for private companiesare relaxed, allowing for purchas out of capital, known as Permissible Capital Payments(PCPs). 股份有限公司被禁止用creditors’buffer回购股本。有限责任公司则相对宽松，可以用PCP来回购股本，只要保证对债权人的偿债能力。
五十度黑无删减
戴笠之死4. Dividends 分红
Rules related to the power to declare a dividend: 谁有权声明分红
•The company in general meeting may declare dividends 公司在董事大会上可以宣布分红
•No dividend may exceed the amount recommended by the directors who have an implied power in their discretion to t aside profits as rerves.分红一般少于董事建议的数字，董事对留下利润进行分配。如果董事给出的分红建议是unlawful，那么超出合理范围的部分，董事自己支付。
•The directors may declare such interim dividends as their consider justified.董事可以宣布中期分红，只要是有道理的。
•Dividends are normally declared payable on the paid up amount of share capital. 分红通常只给实缴股份的股东。
保持清醒的英文
•A dividend may be paid otherwi than in cash. 分红可以以现金方式，也可以以其他方式 •Dividends may be paid by cheque or warrant nt through the post to the shareholder at his registered address. If shares are held jointly, payment of dividend is made to the first‐named joint holder on the register.分红可以用支票，权证，直接寄给股东到登记地址。如果股票多人共有，则分给注册时留名的第一个人。
Private Public
Accumulated realid profits累计实现利润 Accumulated realid profits累计实现利润 Less减去 less减去
Accumulated realid loss累计实现的损失 Accumulated realid loss累计实现的损失 less减去
画家笔下的色彩
Accumulated unrealid loss累计未实现损失 4.2 In esnce therefore, a private company may only pay out its retained earnings as a dividend; a public company must further deduct any loss it has made, but has yet to reali, such as negative revaluation rerves. 私有企业可以从剩余利润中来分红。股份公司必须要减去资产重估的损失。
4.3 Should a company make a distribution in excess of that allowed by the rules above (i.e. out of capital) the dividend is deemed unlawful. 如果公司分红超过上述规则，则分红是不合法的
4.4 Should directors have knowingly authorid an unlawful dividend they will be liable to replace any such dividends personally. Where a shareholder ought to have reasonably known the dividend they received was unlawful they will be similarly liable. 如果董事明知分红不合法，那么董事自己承担责任补差价；如果股东明明知道他们收到的分红不合法，股东也要还给公司。
4.5 Should the company‘s auditors have advid on an unlawful dividend policy they may beliable for professional negligence 如果审计知道/建议一个不合法的分红，那他们犯了专业疏忽。试用期转正考核表
5. Financial assistance 金融帮助
Public companies are generally forbidden from providing financial assistance to anyone wishing to purcha shares in the company. However a number of statutory exceptions exist to the general rule of prohibition including employee share schemes and banks. 员工股票计划 Failure to comply with the law is a criminal offence.
苯溴马隆胶囊§PPT答案：1000、700、B
