Examples of Periodic Distributions Cap in a sentence
The total Distribution paid on each CCDS in respect of any given financial year of the Society (being the aggregate of the Interim Distribution (if any) paid during such financial year and the Final Distribution (if any) paid in respect of such financial year) shall not exceed the prevailing Periodic Distributions Cap determined in accordance with the Rules (the Cap).
The initial Periodic Distributions Cap applicable to Periodic Distributions in respect of the Financial Year to 31 December 2013 will be £15 per Share, and (subject as stated below) in respect of each subsequent Financial Year will be adjusted for inflation by reference to the United Kingdom Consumer Price Index (overall index, 2005=100) (‘CPI’) published by the Office for National Statistics (or anysuccessor to, or replacement of, that index).
The Society shall in each year determine the adjustment to the Periodic Distributions Cap promptly following publication of the relevant CPI (or successor or replacement index) data by the Office for National Statistics (or such successor or other organisation as may be responsible for publishing official data with respect to the relevant index) and will notify Members of the adjusted Periodic Distributions Cap not later than at the first Annual General Meeting following publication of the relevant data.
The Society shall in each year determine the adjustment to the Periodic6Distributions Cap promptly following publication of the relevant CPI (or successor or replacement index) data by the Office for National Statistics (or such successor or other organisation as may be responsible for publishing official data with respect to the relevant index) and will notify Members of the adjusted Periodic Distributions Cap not later than at the first Annual General Meeting following publication of the relevant data.
The initial Periodic Distributions Cap applicable to Periodic Distributions in respect of the Financial Year to 31 December 2013 was £15 per Share, and (subject as stated below) in respect of each subsequent Financial Year will be adjusted for inflation by reference to the United Kingdom Consumer Price Index (overall index, 2005=100) (‘CPI’) published by the Office for National Statistics (or any successor to, or replacement of, that index).
Any Core Capital Deferred Share must be issued on terms that limit the amount of the Periodic Distributions that may be paid on any such Share in respect of any Financial Year to not more than the applicable Periodic Distributions Cap, in order to protect the reserves of the Society.
If the CPI ceases to be published and no direct successor or replacement index is published, the Board shall beentitled to determine an appropriate replacement index for determining inflation adjustments to the Periodic Distributions Cap, and shall have sole discretion to determine any modification to the method of determining inflation adjustments to the Periodic Distributions Cap during the transition from CPI to the replacement index.
In particular there is a definition of 'Periodic Distributions Cap' which, in order to protect the Society's reserves, limits the maximum amount of distributions which the Society may pay on any CCDS initially to £15 per share per year (calculated on an assumed first issue price of £100 per share), adjusted each year by reference to the UK Consumer Price Index.
Effective date—2022 c 268; 2021 c 215: See note following RCW 7.105.900.Effective date—2018 c 284 §§ 3, 8, 13, 20, 33, 36, and 67: See note following RCW 13.34.030.
Such adjustment will be made by applying the CPI annual inflation percentage published by the Office for National Statistics in its statistical bulletin for the last full calendar month ofthe Financial Year in respect of which the Periodic Distributions are payable (being the percentage increase or decrease over the twelve months to and including that month) to the prevailing Periodic Distributions Cap.