Variation of class rights, Business Law and Ethics

Variation of class rights:

It is only necessary to follow the variation of class rights procedure (and a dissenting minority can only apply to the court for cancellation)  if what is proposed amounts to a variation of the class, right of itself.  It is not a variation of class rights:

to issue shares of the same class to allottees who are not already members of the class (unless the defined class rights prohibit this);

WHITE v. BRISTOL AEROPLANE CO.

The company made a bonus issue of new ordinary and preference shares to the existing ordinary shareholders who alone were entitled under the article to participate in bonus issues.  The existing preference shareholders objected that by reducing their proportion of the class of preference shares the bonus issue was a variation of class rights to which they had not consented.

Posted Date: 1/15/2013 3:06:51 AM | Location : United States







Related Discussions:- Variation of class rights, Assignment Help, Ask Question on Variation of class rights, Get Answer, Expert's Help, Variation of class rights Discussions

Write discussion on Variation of class rights
Your posts are moderated
Related Questions
Q. What is Zone Refining? This method is used to obtain metals of very high purity. The basic principle involved in this process is similar to fractional crystallisation. A sma

Commencement of Business: Section III (1) provides that a public company which has issued a prospectus cannot commence business or exercise any borrowing powers unless:-

Disadvantages of Arbitration First is, Arbitral awards have no precedential value as that they cannot be relied on in subsequent proceedings Second is, Arbitrati

John, a young CPA and one of the audit team members for Moulberg Electrical Appliances Ltd, has developed very good insights into the company's systems in the last 12 months and wa

Correspond With Description - Terms Used In Contract With S.15 provides that, where goods are sold through description whether is an implied matter that the goods correspond w

Law Society of England However the Law Society of England is a body corporate constituted through the Law Society of England Act.  Therefore its objects or functions are, amon

ELECTION OF CHAIRMAN:           S.134(d) provides that, unless the articles of a company contain a contrary provision, any member elected by the members present at a meeting m

Misfeasance: Under s.324, misfeasance proceedings may be instituted against a director, promoter, manager, liquidator or "officer" (including an auditor) of a company in liqui

Express and Implied terms of contract Express terms However the terms of a contract are said to like "express terms" whether the parties themselves adverted to them on

Theobald: Conversely there such I take to be the duty of the auditor; then he must be honest.... i.e. like he must not certify that what he does not believe to be true, reason