Books > Old Books > Poetry Northwest (1959)


Page 83

CHAPTER 9
CAPITAL

the shares of that class) may, whether or not the company is being wound up, be varied with the consent in writing of the holders of three-fourths of the issued shares of that class, or with the sanction of an extraordinary resolution passed at a separate general meeting of the holders of the shares of the class. To every such separate general meeting the provisions of these regulations relating to general meetings shall apply, but so that the necessary quorum shall be two persons at least holding or representing by proxy one-third of the issued shares of the class and that any hold of shares of the class present in person or by proxy may demand a poll."
Without such a power in the articles, it is doubtful whether rights attached to shares by the terms of issue or by the articles can be altered by an alteration of the articles.
The exercise of this power can be controlled under s. 72, which provides that when the rights attached to any class of shares are varied in accordance with the memorandum or articles by the consent of a specified proportion of the holders of the class of shares or the sanction of a resolution passed at a separate meeting of the holders, application can be made to the Court to have the variation cancelled. The application can only be made
1. By the holders of not less than 15 per cent. of the issued shares of the class who did not consent to or vote for the variation.
2. Within twenty-one days of the giving of the consent or the passing of the resolution.

The Court will disallow the variation if, after hearing the various parties interested, it is satisfied that the variation would unfairly prejudice the shareholders of the class in question. The object of the section is to protect shareholders from being prejudiced by the voting of other shareholders who hold shares of another class in addition to the class affected by the variation.

PROCEDURE (Ord. 53B, r. 5).-The application is by petition by one or more of the dissenting shareholders authorised in writing by the 15 per cent. The petition states particulars of the registration of the paid-up capital, the various classes of shares, the special rights in question, the provisions for varying them, the resolution for or consent to the variation, showing the majority, the appointment of the petitioner by the necessary percentage of dissentients, and the reasons for opposing the variation. It is supported by affidavit. The petition is served on the company and a summons for directions taken out. On the hearing of the summons the petition is directed to be advertised and a time fixed for filing evidence against the petition and for reply. A copy of the order made by the Court must be sent to the Registrar of Companies within fifteen days.

Unless otherwise provided by the terms of issue, it is not a variation of class rights to create further shares ranking pari passu with the shares of that class (Table A, Art. 5); neither is it to sub-divide another class of shares so that they rank equally with shares of that

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where is HTML where is HEAD where is TITLE the shares of that class) may, whether or not what is company is being wound up, be varied with what is consent in writing of what is holders of three-fourths of what is issued shares of that class, or with what is sanction of an extraordinary resolution passed at a separate general meeting of what is holders of what is shares of what is class. To every such separate general meeting what is provisions of these regulations relating to general meetings shall apply, but so that what is necessary quorum shall be two persons at least holding or representing by proxy one-third of what is issued shares of what is class and that any hold of shares of what is class present in person or by proxy may demand a poll." Without such a power in what is articles, it is doubtful whether rights attached to shares by what is terms of issue or by what is articles can be altered by an alteration of what is articles. what is exercise of this power can be controlled under s. 72, which provides that when what is rights attached to any class of shares are varied in accordance with what is memorandum or articles by what is consent of a specified proportion of what is holders of what is class of shares or what is sanction of a resolution passed at a separate meeting of what is holders, application can be made to what is Court to have what is variation cancelled. what is application can only be made 1. By what is holders of not less than 15 per cent. of what is issued shares of what is class who did not consent to or vote for what is variation. 2. Within twenty-one days of what is giving of what is consent or what is passing of what is resolution. what is Court will disallow what is variation if, after hearing what is various parties interested, it is satisfied that what is variation would unfairly prejudice what is shareholders of what is class in question. what is object of what is section is to protect shareholders from being prejudiced by what is voting of other shareholders who hold shares of another class in addition to what is class affected by what is variation. PROCEDURE (Ord. 53B, r. 5).-The application is by petition by one or more of what is dissenting shareholders authorised in writing by what is 15 per cent. what is petition states particulars of what is registration of what is paid-up capital, what is various classes of shares, what is special rights in question, what is provisions for varying them, what is resolution for or consent to what is variation, showing what is majority, what is appointment of what is petitioner by what is necessary percentage of dissentients, and what is reasons for opposing what is variation. It is supported by affidavit. what is petition is served on what is company and a summons for directions taken out. On what is hearing of what is summons what is petition is directed to be advertised and a time fixed for filing evidence against what is petition and for reply. A copy of what is order made by what is Court must be sent to what is Registrar of Companies within fifteen days. Unless otherwise provided by what is terms of issue, it is not a variation of class rights to create further shares ranking pari passu with what is shares of that class (Table A, Art. 5); neither is it to sub-divide another class of shares so that they rank equally with shares of that where is meta name="keywords" content="old books, Free book , free book offer , free audio books , free coloring book pages , free book reports , free audio book , audio books free download , book free , free guest book , books free , free book summaries , download free audio books , free childrens books." where is where are they now rel="stylesheet" type="text/css" href="../../style.css" where is meta http-equiv="Content-Type" content="text/html; charset=iso-8859-1" where is BODY bgColor=#ffffff text="#000000" where are they now ="#000000" v where are they now ="#FF0000" where is div align="center" where is strong where is strong where is a href="http://www.aaoldbooks.com" Books > where is a href="../default.asp" title="Book" Old Books > where is strong where is a href="default.asp" Poetry Northwest (1959) where is table width="700" border="1" align="center" cellpadding="15" cellspacing="0" where is center where is tr where is td width="160" align="center" valign="top" where is div align="center" where is td align="center" valign="top" where is div align="left" where is div align="center" where is p align="left" Page 83 where is strong CHAPTER 9 CAPITAL where is p align="justify" the shares of that class) may, whether or not what is company is being wound up, be varied with what is consent in writing of what is holders of three-fourths of what is issued shares of that class, or with what is sanction of an extraordinary resolution passed at a separate general meeting of what is holders of what is shares of what is class. To every such separate general meeting what is provisions of these regulations relating to general meetings shall apply, but so that what is necessary quorum shall be two persons at least holding or representing by proxy one-third of what is issued shares of what is class and that any hold of shares of what is class present in person or by proxy may demand a poll." Without such a power in what is articles, it is doubtful whether rights attached to shares by what is terms of issue or by what is articles can be altered by an alteration of what is articles. what is exercise of this power can be controlled under s. 72, which provides that when what is rights attached to any class of shares are varied in accordance with what is memorandum or articles by what is consent of a specified proportion of what is holders of what is class of shares or what is sanction of a resolution passed at a separate meeting of what is holders, application can be made to what is Court to have what is variation cancelled. what is application can only be made 1. By what is holders of not less than 15 per cent. of what is issued shares of what is class who did not consent to or vote for what is variation. 2. Within twenty-one days of what is giving of what is consent or the passing of what is resolution. what is Court will disallow what is variation if, after hearing what is various parties interested, it is satisfied that what is variation would unfairly prejudice what is shareholders of what is class in question. what is object of what is section is to protect shareholders from being prejudiced by what is voting of other shareholders who hold shares of another class in addition to what is class affected by what is variation. PROCEDURE (Ord. 53B, r. 5).-The application is by petition by one or more of what is dissenting shareholders authorised in writing by what is 15 per cent. what is petition states particulars of what is registration of what is paid-up capital, what is various classes of shares, what is special rights in question, what is provisions for varying them, what is resolution for or consent to what is variation, showing what is majority, what is appointment of what is petitioner by what is necessary percentage of dissentients, and what is reasons for opposing what is variation. It is supported by affidavit. what is petition is served on what is company and a summons for directions taken out. On what is hearing of what is summons what is petition is directed to be advertised and a time fixed for filing evidence against what is petition and for reply. A copy of what is order made by what is Court must be sent to what is Registrar of Companies within fifteen days. Unless otherwise provided by what is terms of issue, it is not a variation of class rights to create further shares ranking pari passu with what is shares of that class (Table A, Art. 5); neither is it to sub-divide another class of shares so that they rank equally with shares of that where is Server.Execute("_SiteMap.asp") %

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