a)
Under the provisions of the Companies Act the following rights are only enforceable by joint effort:
I) Under section 8 (1) of the Companies Act, a company may by special resolution alter the objects clause of the memorandum. However the proposed alteration may be objected to by either.
Holders of not less than 15% in nominal value of the Company’s issued share capital.
Holders of not less than 15% of any class of shares of the Company.
Holders of not less than 15% of the Company’s debenture entitling them to object.
Not less than 15% of the Company’s members.
II) Under section 74 (1) of the Company’s Act, proposed variation of class rights may be objected to by holders of not less than 15% of that class of shares who did not consent or vote in favour, by an application to court within 30 days of the resolution or consent.
III) Under section 140 (1) of the Companies Act holders of not less than 1/20 of the total voting rights of all members or not less than 100 members of the Company may requisition notices of any resolution which may properly be moved at the next general meeting. They are also entitled to requisition the Company to circulate to members any statement of not more than 100 words with respect to the matter referred to any proposed resolution or business to be dealt with at a meeting.
IV) Under section 132 (1) of the Companies Act holders of not less than 1/10 of the paid up capital of the Company or the total voting rights of all members may requisition an extra ordinary general meeting by depositing a requisition with the Company at its registered office and if the directors do not within 21 days thereof convene a meeting, the requisionists or not less than ½ of them may convene a meeting. Such a meeting may be held within three months of the requisition.
V) Under section 137 (1) of the Companies Act, a poll can only be effectively demanded by:
o Not less than five members present in person or by proxy.
o A member or members representing not less than 1/10 of the total voting rights of all members having the right to vote.
o A member or members representing not less than 1/10 of the paid up capital.
VI) Under section 165 (1) of the Companies Act a Company’s affairs may be investigated by an inspector or inspectors appointed by the court at the instigation of either.
Not less than 200 members or members holding not less than 1/10 of the issued shares.
Not less than 1/5 of the number of persons in the company’s register of members.
Discuss
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