Companies Act, 1973 (Act No. 61 of 1973)Chapter VII: Administration of CompaniesVoting Rights and Voting196. Exceptions as regards voting rights in existing companies |
| 1) | The provisions of section 193(1) shall not apply in respect of shares of a company which at the date of the commencement of this Act had already been issued without voting rights, or in respect of issued shares (other than preference shares) in respect of which at that date there existed different voting rights or in respect of shares subsequently issued in respect of which there existed at that date a contractual right or obligation to issue any such shares. |
| 2) | If any such company issues new shares, all the provisions of this Act as to voting rights shall, save as provided in subsection (1), apply in respect of such new shares, and, for the purpose of determining the voting rights attached to such new shares as provided in section 195 all its shares shall be deemed to have been issued with voting rights in accordance with the provisions of this Act. |