BUSN2101 Chapter Notes - Chapter 7-8: Extraordinary Resolution, Corporate Action, Listing Rules
Document Summary
Members may have the right to veto some transactions: related party transactions by public companies and their controlled entities certain significant commercial transactions by listed companies certain takeovers and reconstructions. Members can use their voting rights: to i(cid:374)itiate a (cid:373)e(cid:373)(cid:271)e(cid:396)s(cid:859) (cid:448)olu(cid:374)ta(cid:396)(cid:455) (cid:449)i(cid:374)di(cid:374)g up: under general law, to pass resolutions where the board is unable to act, or to ratify a breach of di(cid:396)e(cid:272)to(cid:396)s(cid:859) duties. Cha(cid:374)gi(cid:374)g the (cid:272)o(cid:373)pa(cid:374)(cid:455)(cid:859)s (cid:374)a(cid:373)e or t(cid:455)pe s157: changing the company name requires a special resolution of members s162(1): the permitted changes of type of companies are set out s 162(1)(a): a change of type requires a special resolution. What amounts to a variation or cancellation of class rights. > a corporate action that affects the value of shares in a particular class or the enjoyment of rights attaching to shares in that class is not sufficient to constitute a variation of class rights.
