Dividends Noncumulative. The right of holders of Preferred Stock to receive dividends is noncumulative. Accordingly, if the Board of Directors does not declare a dividend payable in respect of any Dividend Period, holders of shares of Preferred Stock shall have no right to receive a dividend in respect of such Dividend Period, and the Company shall have no obligation to pay a dividend in respect of such Dividend Period, whether or not dividends are declared payable in respect of any future Dividend Period.
Appears in 2 contracts
Samples: Stock Purchase Agreement (Fleet Boston Corp), Stock Purchase Agreement (North Fork Bancorporation Inc)
Dividends Noncumulative. The right of holders of Series A Preferred Stock Shares to receive dividends is noncumulative. Accordingly, except as herein expressly provided, if the Board of Directors does not authorize or declare a dividend payable in respect of any Dividend Period, holders of shares of Series A Preferred Stock Shares shall have no right to receive a dividend in respect of such Dividend Period, Period and the Company Corporation shall have no obligation to pay a dividend in respect of such Dividend Period, whether or not dividends are authorized and declared payable in respect of any future subsequent Dividend Period.
Appears in 2 contracts
Samples: Merger Agreement (Midcarolina Financial Corp), Merger Agreement (American National Bankshares Inc)
