non-cumulative stock
Defined in 1 dictionary — Case Law
Definitions from Case Law
From 280 U.S. 197 - Wabash Ry Co v. Barclay Austin · 1930Most cited · 62 citing opinions
in the case of non-cumulative stock entitled only to a dividend if declared out of annual profits, if those profits are justifiably applied by the directors to capital improvements and no dividend is declared within the year, the claim for that year is gone and cannot be asserted at a later date