Companies Act 2014 section 1250

Variation of rights attached to special classes of shares

Section 1250 applies the rules on varying rights attached to special classes of shares (set out in section 982 for Designated Activity Companies) to Public Unlimited Companies (PUCs) and Unlimited Companies (ULCs), with minor modifications.

• The rules in section 982 governing how rights attached to special classes of shares may be varied apply equally to PUCs and ULCs.
• Every reference to a DAC in section 982 is read as a reference to a PUC or ULC, as appropriate to the company in question.
• For PUCs specifically, the reference in section 982(3)(c) to the giving, variation, revocation or renewal of an authority under section 69(1) is replaced by a reference to those activities under section 1021(1), which is the corresponding allotment provision for public limited companies.
• No other changes are made to section 982 when it is applied to these company types, so the protections and procedures for shareholders holding special classes of shares remain substantively the same.