Malaysia legislation
Section 45
Section 45
(2)
The issue by a Langkawi company of preference shares ranking pari passu with existing preference shares issued by the company shall be deemed to be a variation of the rights attached to those existing preference shares unless the issue of the first-mentioned shares was authorized by the terms of issue of existing preference shares or by the articles of association in force at the time the existing preference shares were issued.
(3)
If default is made in complying with this section, the
Langkawi company and every officer of the company who is in default shall be guilty of an offence against this Act.
53
Langkawi International Yachting Companies
Redeemable preference shares