Class meetings - meetings and resolutions, Business Law and Ethics

Class Meetings:

"Class meetings" are not provided for by the Act.  however, a class meeting may be held pursuant to the provisions of the company articles of association, if any.

Table A, Article 4 allows a company to vary the rights attached to any class of shares if the variation is consented to in writing by the holders of three-fourths of the issued shares of that class or is sanctioned by a special resolution passed at "a separate general meeting of the holders of the shares of the class".

The provisions of Table A in relation to general meetings shall apply to every such separate general meeting, except that the necessary quorum shall be two persons at least holding or representing by proxy one-third of the issued shares of the class.

It should be noted that, although holders of other classes of shares may attend the meeting as happened in Carruth v I.C.I. Ltd, infra, they cannot vote thereat.

Posted Date: 1/12/2013 5:28:26 AM | Location : United States

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