Amy, and Cathy are shareholders in a Beauty Supplies Limited a private company specializing the hair products. Amy holds 200 ordinary shares, and Cathy has 100 preference shares. The company

Amy, and Cathy are shareholders in a Beauty Supplies Limited a private company specializing the hair products. Amy holds 200 ordinary shares, and Cathy has 100 preference shares. The company did not declare dividend for the last two years even though it has made a profit and Cathy is insisting that she is entitled to the payment of dividends since the company is in a profitable position. Cathy was so upset over the payment of dividends that she is contemplating giving her shares to a stockbroker with the hope that they can be sold on the open market for a very good price, since the company was doing well finically. Prudent Bank had a charge over Beauty Supplies Limited entire property expressed as a fixed and specific charge. Another term of the charge allowed Beauty Supplies Company to continue making sales from stock in the ordinary course of business until notified in writing by the bank to stop doing so. Beauty Supplies is unsure of the nature of the charge that was created.
Advise Benuty Supplies Limited on all issues arising from the case.

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