Companies Act 2014

1087D

F400 [ Alternative special majority for Schemes of Arrangement

1087D. (1) In section 449(1) , ‘special majority’ insofar as it applies to members of a relevant issuer, means a majority representing at least 75 per cent in value of the members or class of members, as the case may be, present and voting either in person or by proxy at the scheme meeting.

(2) Where any part of the issued shares of a relevant issuer is held outside of a central securities depository (or, as the case may be, a body nominated by that depository), and the special majority referred to in subsection (1) applies, the quorum for a scheme meeting referred to in subsection (1) shall be at least two persons holding or representing by proxy at least one-third in nominal value of the issued shares, or class of shares, as the case may be, in the relevant issuer and section 182 shall, in relation to that meeting, be construed accordingly. ]

Annotations:

Amendments:

F400

Inserted (15.03.2021) by Withdrawal of the United Kingdom from the European Union (Consequential Provisions) Act 2020 (23/2020), s. 12, S.I. No. 98 of 2021.