Clause 48 - Variation of shareholders’ rights.

Variation of class rights requires substantial class consent or a separate special resolution; dissenting minority can seek Tribunal review.

Variation of class rights is allowed only with the requisite written consent of a high proportion of that class or by a special resolution at a separate class meeting, subject to the memorandum, articles or terms of issue; if the variation affects another class, equivalent consent of that class is required. A dissenting minority may apply to the Tribunal to cancel the variation within the prescribed short period, and the variation is ineffective until confirmed by the Tribunal; the Tribunal's decision is binding and must be filed with the Registrar, with statutory penalties for non compliance.