those rights may be varied or cancelled only in accordance with the procedure.
The procedure may be changed only if the procedure itself is complied with.
If constitution does not set out procedure
(2) If a company does not have a
constitution, or has a constitution that does not set out the procedure for
varying or cancelling:
- (a)
- for a company with a share capital—rights
attached to shares in a class of shares; or
- (b)
- for a company without a share capital—rights of members in a class of
members;
those rights may be varied or cancelled only by special resolution of the
company and:
- (c)
- by special resolution passed at a meeting:
- (i)
- for a company with a share capital of the class of members holding shares
in the class; or
- (ii)
- for a company without a share capital of the class of members whose
rights are being varied or cancelled; or
- (d)
- with the written consent of members with at least 75% of the votes in the
class.
(3) The company must give written notice of the variation or cancellation to
the members of the class within 7 days after the variation or cancellation is
made.
Commonwealth Numbered Acts