Two simple Company law questions

Two simple Company law questions - Printable Version

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Two simple Company law questions - Nevermore - 07-31-2010

Hi,
Can anyone please help me clarify following two sections from Companies Ordinance, 1984-

-Section 167(1) (Demand for Poll) This section tells about person who can demand poll. I couldn't understand whether six persons in public company (fulfillment of requirement in clause a) but holding less than 10% voting power in respect of resolution (non-fulfilment of requirement in clause c) can demand poll or not?

-Section 178(5)(a) - Can anyone please explain this clause with any example??

For your convenience, following are the relevant provisions of the Ordinance-

Section 167- Before or on the declaration of the result of the
voting on any resolution on a show of hands, a poll may be ordered to be taken by the chairman of the meeting of his own motion, and shall be ordered to be taken by him on a demand made in that behalf by the person or persons specified below, that is to say,-
(a) in case of a public company, by at least five members having the right to vote on the resolution and present in person or by proxy;
(b) in the case of a private company, by one member having the right to vote on the resolution and present in person or by proxy if not more than seven such members are personally present, and by two such members present in person or by proxy if more than seven such members are personally present;
© by any member or members present in persons or by proxy and having
not less than one-tenth of the total voting power in respect of the
resolution; or
(d) by any member or members present in person or by proxy and holding
shares in the company conferring a right to vote on the resolution, being shares on which an aggregate sum has been paid up which is not less than one-tenth of the total sum paid up on all the shares conferring that right.

Section 178(5)(a) A member shall have such number of votres as is equal to the product of the number of voting shares held by him and the number of directors to be elected.

Thanks in advance.

- VITAL - 07-31-2010

1. There is âORâ not âANDâ
It is not case that all the conditions must be met to demand a poll.

2. For example total shares issued by the company is 100 and I have 30 shares of the total. The number of directors fixed is 10. So I have (30*10) 300 votes.
I can give all those 300 votes to a single candidate or divide them between as I deem fit.

It is assumed that each share has voting power.

- Nevermore - 07-31-2010

<blockquote id="quote">quote<hr height="1" noshade id="quote">Originally posted by VITAL
 1. There is âORâ not âANDâ
It is not case that all the conditions must be met to demand a poll.

2. For example total shares issued by the company is 100 and I have 30 shares of the total. The number of directors fixed is 10. So I have (30*10) 300 votes.
I can give all those 300 votes to a single candidate or divide them between as I deem fit.

It is assumed that each share has voting power.

<hr height="1" noshade id="quote"></blockquote id="quote">

i am totally satisfied by your answer regarding Section 178.. but regarding poll, "OR" is just between clause © and (d)? so, i thought, any one of clause © or (d) and clause (a)/(b) whichever is applicable..
please correct my understanding if i am wrong..

thanks

- VITAL - 07-31-2010

Look closely the punctuation.

OR exists between all.
There is no full stop after clause b.

- Nevermore - 07-31-2010

<blockquote id="quote">quote<hr height="1" noshade id="quote">Originally posted by VITAL
 
Look closely the punctuation.

OR exists between all.
There is no full stop after clause b.

<hr height="1" noshade id="quote"></blockquote id="quote">

thanks bro