题目

 Explain the rules relating to the variation of class rights and whether Kudos Ltd can prevent the reduction of the preference dividend 

考点:Chapter15Sharecapital

 Class rights may be varied providing a special resolution is passed by members of that class. For an alteration to be valid the majority must honestly believe that it is in the interest of the company as a whole and that it would be in the interests of a hypothetical individual member. A minority of members that hold at least 15% of the shares of the class may apply to the court to have a variation cancelled. 

The reduction of dividends proposed by the directors of Lux Ltd is clearly a variation of a class right that under the statutory variation procedure requires a 75% majority by special or written resolution. Kudos Ltd is likely to want to prevent this variation but as it only holds 20% of the shares in the class it cannot prevent the variation by itself. However, Kudos Ltd does hold over 15% of the shares in the class so it could apply to the court for the variation to be cancelled. As the effect on Kudos Ltd is relatively minor and as it affects all shareholders equally it is likely that the court would uphold the variation. 

多做几道

 State whether Ian has any liability for money laundering 

 State whether Jet has any liability for money laundering 

材料全屏
36

【论述题】

 State whether Vic has any right to claim for the increase in share price that he missed out on when he sold his shares 

 Explain any criminal offences Sid may have committed 

材料全屏
38

【论述题】

 State what is meant by securities being 'price sensitive' in the context of insider dealing 

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