| Commentary

112 Class members’ right to object to variation

| Commentary

112 Class members’ right to object to variation

Where the rights attached to any class of shares in a company are varied, class members who did not consent to, or vote in favour of, the resolution for the variation, and who hold at least than 15% of the issued shares of the class in question in aggregate, may apply to the court within 21 days to have the variation cancelled1. If an application is made under these provisions, the variation has no effect unless and until it is confirmed by the court2. The court will hear the applicant and any

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