Preservation of pre-existing share rights ensures earlier-issued shares retain their voting and dividend entitlements despite new provisions. Section 90 preserves existing voting rights and other entitlements of shares issued by a public company before the Act by excluding the operation of sections 85, 86, 88 and 89 in respect of those shares (subject to section 89). Sections 85 to 89 do not apply to private companies unless they are subsidiaries of public companies, and section 87 is declared to apply to voting rights of certain pre-existing preference shares in the same manner as to later-issued preference shares.
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Provisions expressly mentioned in the judgment/order text.
Preservation of pre-existing share rights ensures earlier-issued shares retain their voting and dividend entitlements despite new provisions.
Section 90 preserves existing voting rights and other entitlements of shares issued by a public company before the Act by excluding the operation of sections 85, 86, 88 and 89 in respect of those shares (subject to section 89). Sections 85 to 89 do not apply to private companies unless they are subsidiaries of public companies, and section 87 is declared to apply to voting rights of certain pre-existing preference shares in the same manner as to later-issued preference shares.
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