(1)The members of a private company may require the company to circulate a resolution that may properly be moved and is proposed to be moved as a written resolution.
(2)Any resolution may properly be moved as a written resolution unless—
(a)it would, if passed, be ineffective (whether by reason of inconsistency with any enactment or the company’s constitution or otherwise),
(b)it is defamatory of any person, or
(c)it is frivolous or vexatious.
(3)Where the members require a company to circulate a resolution they may require the company to circulate with it a statement of not more than 1,000 words on the subject matter of the resolution.
(4)A company is required to circulate the resolution and any accompanying statement once it has received requests that it do so from members representing not less than the requisite percentage of the total voting rights of all members entitled to vote on the resolution.
(5)The “requisite percentage” is 5% or such lower percentage as is specified for this purpose in the company’s articles.
(6)A request—
(a)may be in hard copy form or in electronic form,
(b)must identify the resolution and any accompanying statement, and
(c)must be authenticated by the person or persons making it.