Depository preferred

Depository preferred

Device enabling an issuer to circumvent an arbitrary corporate limit on the number of preferred shares issuable. Applies mainly to convertible securities.
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12 /PRNewswire/ -- Central Hudson Gas & Electric Corporation (NYSE: CNH) announced today that it will redeem on March 30, 1993, 32,000 of 800,000 outstanding depository preferred shares, each representing one-quarter of a share of adjustable rate cumulative preferred stock, Series A, and which are evidenced by depository receipts, at the redemption price of $25.
26, 1993 to all holders of depository receipts relating to the depository preferred shares to be redeemed.
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