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<h1>Voting rights: equity votes are proportional to paid-up capital; limited preference voting except where dividends unpaid two years.</h1> Section 47 entitles equity shareholders to vote on every resolution with poll votes proportional to their paid-up equity capital, subject to related statutory qualifiers. Preference shareholders may vote only on resolutions that directly affect their class rights, on winding up, or on repayment/reduction of capital, with poll votes proportional to paid-up preference capital; equity and preference voting power must reflect their respective paid-up capitals, and preference shareholders whose dividends have been unpaid for two years or more gain full voting rights on all resolutions.
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