Article 8 of the constitution of Mad, Ltd provides:
"Any rights associated with Class B shares issued by Mad, Ltd can only be varied or cancelled by a special resolution of the company."
The Class B shares are entitled to two votes per share. The directors of Mad, Ltd want to reduce the Class B vote to one vote per share. Pursuant to section 246B of the Corporations Act, in order for these rights to be varied as proposed:
A) The company needs to pass a special resolution.
B) A special resolution needs to be passed at a meeting of the Class B shareholders.
C) Class B shareholders with at least 75% of the votes in the class need to provide written consent.
D) A, B and C are all required.
E) A and either B or C are required.
Correct Answer:
Verified
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