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CMA Intermediate · Business Laws and Ethics · Rights of Shareholders

A variation of the rights of a class of shares was approved by a special resolution at a separate class meeting held on 5 March. Dissenting holders wish to apply to the Tribunal to have it cancelled. Within how many days of the resolution must the application be made under Section 48?

The application must be made within twenty-one days after the resolution was passed or the consent was given. Thirty days is a different period: it applies to the company filing a copy of the Tribunal's order with the Registrar.

  1. AFourteen days
  2. BTwenty-one daysCorrect
  3. CThirty days
  4. DSixty days

Explanation

The proviso to Section 48(2) requires the application to be made within twenty-one days after the date on which the consent was given or the resolution was passed. Thirty days is the period for the company to file the Tribunal's order with the Registrar under sub-section (4), which is a different step.

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