Section 116 — Companies Act 1993: Meaning of classes and interest groups

116 Meaning of classes and interest groups (1) In this Act, unless the context otherwise requires,— Class means a class of shares having attached to them identical rights, privileges, limitations, and conditions Interest group , in relation to any action or proposal affecting rights attached to shares, means a group of shareholders— (a) Whose affected rights are identical; and (b) Whose rights are affected by the action or proposal in the same way; and (c) Subject to subsection (2)(b) of this section, who comprise the holders of one or more classes of shares in the company. (2) For the purposes of this Act and the definition of the term interest group ,— (a) One or more interest groups may exist in relation to any action or proposal; and (b) If— (i) Action is taken in relation to some holders of shares in a class and not others; or (ii) A proposal expressly distinguishes between some holders of shares in a class and other holders of shares of that class,— holders of shares in the same class may fall into 2 or more interest groups.