Prohibition on disproportionate share rights limits issuance of non-preference shares carrying unequal voting, dividend or capital entitlements. Section 88 prohibited companies from issuing non-preference shares that carried voting rights or rights as to dividend, capital or otherwise which were disproportionate to the rights attaching to holders of other non-preference shares, thereby restricting the creation of ordinary share classes with unequal economic or governance entitlements; the section was later omitted by amendment.
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Provisions expressly mentioned in the judgment/order text.
Prohibition on disproportionate share rights limits issuance of non-preference shares carrying unequal voting, dividend or capital entitlements.
Section 88 prohibited companies from issuing non-preference shares that carried voting rights or rights as to dividend, capital or otherwise which were disproportionate to the rights attaching to holders of other non-preference shares, thereby restricting the creation of ordinary share classes with unequal economic or governance entitlements; the section was later omitted by amendment.
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