[originaltext]W: I wish to cash this cheque from U. S. A. , but the man in the

W: I wish to cash this cheque from U. S. A. , but the man in the next window told me to bring it here.
M: Oh, yes. This is a personal cheque. We wouldn’t be able to cash it for you until the proceeds are collected from the paying bank.
Q: What does the man mean?

M: Professor Wang, could you tell me the advantage of the preferred shares?
W: Preferred shares have certain rights, such as the preferred right to receive dividends before any ordinary dividends maybe declared.
Q: When do preferred shareholders have right to receive dividends?