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Template:GMSLA compensation for mismanagement: Difference between revisions
Template:GMSLA compensation for mismanagement (view source)
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*The definition of “{{gmslaprov|Income}}” in respect of shares is restricted to [[dividend]]s and distributions of an analogous nature: unconditional payments payable to all shareholders under their shares ''pro-rata'' to reflect a distribution by the issuer following the profitable operation of the business. | *The definition of “{{gmslaprov|Income}}” in respect of shares is restricted to [[dividend]]s and distributions of an analogous nature: unconditional payments payable to all shareholders under their shares ''pro-rata'' to reflect a distribution by the issuer following the profitable operation of the business. | ||
*Compensation paid by a company as a result of misstatements of its books, leading to mispricing of its shares on public exchanges, is not “{{gmslaprov|Income}}” on {{gmslaprov|Securities}} | *Compensation paid by a company as a result of misstatements of its books, leading to mispricing of its shares on public exchanges, is not “{{gmslaprov|Income}}” on {{gmslaprov|Securities}} under the {{gmsla}}.<ref>Or much less a “{{eqderivprov|Dividend}}” as contemplated by the {{eqdefs}}, for that matter.</ref> Indeed, it does not arise under the contract that comprises the shares at all. | ||
*“[[Income]]” is defined as meaning “any interest, dividends or other distributions of any kind whatsoever with respect to any {{gmslaprov|Securities}} …”: | *“[[Income]]” is defined as meaning “any interest, dividends or other distributions of any kind whatsoever with respect to any {{gmslaprov|Securities}} …”: | ||
*“[[with respect to]]”: In the context of a securities lending arrangement, Income can only relate to payments made ''under the terms of the {{gmslaprov|Securities}} themselves''. That is, payments made by the issuer, to shareholders, ''in their capacity as shareholders''. That is, [[dividend]]-like payments: rewards to all shareholders on the income record date ratably for the prudent management and healthy profitability of the company in general. | *“[[with respect to]]”: In the context of a securities lending arrangement, Income can only relate to payments made ''under the terms of the {{gmslaprov|Securities}} themselves''. That is, payments made by the issuer, to shareholders, ''in their capacity as shareholders''. That is, [[dividend]]-like payments: rewards to all shareholders on the income record date ratably for the prudent management and healthy profitability of the company in general. | ||