Section 393 of The Companies Act No. 17 of 2015: Variation 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 be varied only—(a) deleted by Act No. 28 of 2017, s. 25(a);
(b) if the holders of shares of that class consent to the variation in accordance with this section.
(3) Subsection (2) does not affect any other restrictions varying the rights.
(4) The consent required for the purpose of this section to be given by the holders of a class of a company's shares is—
(a) consent in writing from the holders o 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 classes sanctioning the variation.
(5) An 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 a variation of those rights for the purpose of this section.
(6) In this section, and (except when the context otherwise requires) in any provision of a company’s articles for the variation of the rights attached to a class of shares, a reference to the variation of those rights includes a reference to their abrogation.
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- Section 394 - Variation of class rights: companies without a share capital
(1) This section is concerned with the variation of the rights of a class of members of a company that does not have a share capital.
(2) Rights of a class of members may be varied only—
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- Section 395 - Section 393 and 394 not to affect powers of Court under certain provisions
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- Section 396 - Right to object to variation: companies having a share capital
(1) This section applies if the rights attached to any class of shares in a company are varied under section 393.
(2) The holders of not less in the aggregate than fifteen percent of the issued...
- Section 397 - Right to object to variation: companies having a share capital
(1) This section applies if the rights of any class of members of a company are varied under section 394.
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- Section 400 - Notice of particulars of variation of rights attached to shares to be lodged with Registrar
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