Examples of Conversion Proceeds in a sentence
Conversion Proceeds A conversion of Units of one Class or Sub-Fund for Units of another Class or Sub-Fund will be treated as a redemption of Units and a simultaneous purchase of Units of the other Class or of the acquired Sub-Fund.
Before March 31st of each year beginning with 1938 until all Participation Certificates are retired there shall be determined the gain or loss, which amount so determined shall constitute what is described in the Articles of Merger as the Conversion Proceeds.
In the accounting for each of the years 1937 and 1938 there shall be deducted and credited to the surplus of the Surviving Corporation an amount equal to ten per centum (10%) of the Conversion Proceeds as determined from the operations during said year.
The remainder of the Conversion Proceeds after the foregoing deductions and any expense incurred in accordance with the Trust Agreement shall be distributed annually at the times and in the manner provided in the Articles of Merger pro-rata to holders of Participation Certificates.
If necessary to equalize the surplus of the American Central Life Insurance Company to the amount thereof as of December 31, 1935, an amount not in excess of ten per centum (10%) of the Conversion Proceeds created by operations of each respective preceding year shall, in 1938 and each year thereafter, be retained in the American Central Fund.