Malaysia legislation
Section 45
Section 45
Rights of holders of preference shares to be set out in articles of association
(1)
No Langkawi company shall allot a preference share, or convert an issued share into a preference share, unless there is set out in its articles of association the rights of the holder of such a share with respect to the repayment of capital, participation in surplus assets and profits, cumulative or non-cumulative dividends, voting and priority of payment of capital and dividend in relation to other shares or other classes of preference shares.
(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.
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Langkawi International Yachting Companies