C2C1Part 17A company's share capital

Annotations:
Modifications etc. (not altering text)
C2

Pts. 1-39 modified (31.12.2020) by Regulation (EC) No. 2157/2001, Art. AAA1(3) (as inserted by The European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1298), regs. 1, 97 (with regs. 140-145) (as amended by S.I. 2020/523, regs. 1(2), 5(a)-(f)); 2020 c. 1, Sch. 5 para. 1(1))

Chapter 9Classes of share and class rights

Variation of class rights

630Variation of class rights: companies having a share capital

1

This section is concerned with the variation of the rights attached to a class of shares in a company having a share capital.

2

Rights attached to a class of a company's shares may only be varied—

a

in accordance with provision in the company's articles for the variation of those rights, or

b

where the company's articles contain no such provision, if the holders of shares of that class consent to the variation in accordance with this section.

3

This is without prejudice to any other restrictions on the variation of the rights.

4

The consent required for the purposes of this section on the part of the holders of a class of a company's shares is—

a

consent in writing from the holders of at least three-quarters in nominal value of the issued shares of that class (excluding any shares held as treasury shares), or

b

a special resolution passed at a separate general meeting of the holders of that class sanctioning the variation.

5

Any amendment of a provision contained in a company's articles for the variation of the rights attached to a class of shares, or the insertion of any such provision into the articles, is itself to be treated as a variation of those rights.

6

In this section, and (except where the context otherwise requires) in any provision in a company's articles for the variation of the rights attached to a class of shares, references to the variation of those rights include references to their abrogation.