BANK OF MONTREAL HAD FALLEN UPON HARD TIMES DUE TO A ROGUE TRADER...

29. Bank of Montreal had fallen upon hard times due to a rogue trader and dividends on their non-cumulative, preferred stock were not paid for three years. They are now able to resume the dividend payments. Which of the following is true? A) Common shareholders must now receive three years' worth of dividends. B) Preferred shareholders must now receive three years' worth of dividends. C) The corporation must close if preferred shareholders are not paid. D) Common shareholders have not received dividends for three years.