COMPANIES ACT (NORTHERN IRELAND) 1960

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COMPANIES ACT (NORTHERN IRELAND) 1960 - SECT 72



72.(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 fifteen per cent. of the
issued shares of that class, being persons who did not consent to or vote in
favour of the resolution for the variation, may apply to the court to have the
variation cancelled, and, where any such application is made, the variation
shall not have effect unless and until it is confirmed by the court.

(2) ..., an application under this section must be made within twenty-one days
after the date on which the consent was given or the resolution was passed, as
the case may be, and may be made on behalf of the shareholders entitled to
make the application by such one or more of their number as they may appoint
in writing for the purpose.

(3) On any such application the court, after hearing the applicant and any
other persons who apply to the court to be heard and appear to the court to be
interested in the application, may, if it is satisfied, having regard to all
the circumstances of the case, that the variation would unfairly prejudice the
shareholders of the class represented by the applicant, disallow the variation
and shall, if not so satisfied, confirm the variation.

(4) The decision of the court on any such application shall be final.

(5) The company shall within fifteen days after the making of an order by
the court on any such application forward an office copy of the order to
the registrar of companies, and, if default is made in complying with this
provision, the company and every officer of the company who is in default
shall be liable to a default fine.

(6) In this section "variation" includes abrogation.

Subs.(7) rep. by 1978 NI 12 art.153(2) sch.7

Nature of shares.

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Northern Irish Legislation

COMPANIES ACT (NORTHERN IRELAND) 1960 - SECT 72