ExpertMedium1 markMultiple Choice
ACCA · Question 34 · Corporate and Business Law
Under the Companies Act 2006, what percentage of a class of shareholders must agree to vary their class rights (unless the articles state otherwise)?
Under the Companies Act 2006, what percentage of a class of shareholders must agree to vary their class rights (unless the articles state otherwise)?
Answer options:
A.
50%
B.
75%
C.
90%
D.
100%
How to approach this question
Identify the voting threshold for varying class rights.
Full Answer
B.75%✓ Correct
To vary the rights attached to a specific class of shares, consent must generally be obtained from at least 75% in nominal value of the issued shares of that class.
Common mistakes
Thinking a simple majority (50%) is enough.
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