Question
Mad Ltd has Class A shares and Class B shares.Class A shares are entitled to one vote per share. Class B shares are entitled to
Mad Ltd has Class A shares and Class B shares.Class A shares are entitled to one vote per share. Class B shares are entitled to two votes per share.Article 8 of the constitution of Mad, Ltd provides: "Any rights associated with Class B shares issued by Mad, Ltd can only be varied or cancelled by a special resolution of the company." The directors of Mad, Ltd want to reduce the Class B vote to one vote per share.Pursuant to section 246B of the Corporations Act, in order for these rights to be varied as proposed:
a. The company needs to pass a special resolution.
b. A special resolution needs to be passed at a meeting of the Class B shareholders.
c. Class B shareholders with at least 75% of the votes in the class need to provide written consent.
d. A, B and C are all required.
e. A,and either B or C are required.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started