Schedule 10 Interest class: principles

s 236A

Schedule 10: inserted, on 3 July 2014, by section 35 of the Companies Amendment Act 2014 (2014 No 46).

For the purposes of section 236A, an interest class may be determined in accordance with the following principles:

(a)

shareholders whose rights are so dissimilar that they cannot sensibly consult together about a common interest are in different interest classes:

(b)

shareholders whose rights are sufficiently similar that they can consult together about a common interest are in the same interest class:

(c)

the issue is similarity and dissimilarity of shareholders’ legal rights against the company (not similarity or dissimilarity of any interest not derived from legal rights against the company):

(d)

if the rights of different shareholders will be different under a proposed arrangement or amalgamation, then those shareholders are in different interest classes.