Cap. 168 Art. 101Rights of holders of special classes of shares and variations thereof.

(1) If, in the case of a company the share capital of which is divided into different classes of shares, provision is made by the memorandum or articles for authorising the variation of the rights attached to any class of shares in the company, subject to the consent of any specified proportion of the holders of the issued shares of that class or the sanction of a resolution passed at a separate meeting of the holders of those shares, and in pursuance of the said provision the rights attached to any such class of shares are at any time varied, the holders of not less in the aggregate than have effect.

(2) On any such demand the court, if it is satisfied, having regard to all circumstances of the case, that the variation would unfairly prejudice the shareholders of the class represented by the plaintiff, shall disallow the variation.

(3) The Registrar of Courts shall without delay cause a copy of any writ of summons filed under sub-article (1) and of any judgment given thereon to be served on the Registrar of Partnerships for registration.

(4) Articles 77(2) and (4) shall apply to any consent or resolution given or taken in terms of sub-article (1).