376

Ch. 31. No. 1.] Companies.

 

Nature of
shares.

of those shares, and in pursuance of the said provision the
rights attached to any such class of shares are at any time
varied, the holders of not less in the aggregate than fifteen
per cent. of the issued shares of that class, being persons
who did not consent to or vote in favour of the resolution
for the variation, may apply to the Court to have the
variation cancelled, and, where any such application is
made, the variation shall not have effect unless and until
it is confirmed by the Court.

(2) An application under this section must be made
within seven days after the date on which the consent was
given or the resolution was passed, as the case may be, and
may be made on behalf of the shareholders entitled to make
the application by such one or more of their number as they
may appoint in writing for the purpose.

(3) On any such application the Court, after hearing
the applicant and any other persons who apply to the Court
to be heard and appear to the Court to be interested in the
application, may, if it is satisfied, having regard to all the
circumstances of the case, that the variation would unfairly
prejudice the shareholders of the class represented by the
applicant, disallow the variation and shall, if not so satisfied,
confirm the variation.

(4) The decision of the Court on any such application
shall be final.

(5) The company shall within fifteen days after the
making of an order by the Court on any such application
forward a copy of the order to the Registrar, and if default
is made in complying with this provision, the company and
every officer of the company who is in default shall be liable
to a default fine.

(6) The expression “variation in this section
includes abrogation and the expression “ varied ’’ shall be
construed accordingly.

Transfer of shares and debentures, evidence of title, etc.

64. (1) The shares or other interest of any member in a
company shall be personal estate, transferable in manner
provided by the articles of the company, and shall not be
of the nature of real estate.