Board Minutes – Reclassification of shares and variation of class rights
These Board Minutes – Reclassification of shares & variation of class The process of converting shares from one class into another is called reclassification, redesignation or renaming of shares. Companies may seek to re-classify their shares following a sale or Assigning a new name or other classification to any class or description of shares requires the company to notify the Registrar in accordance with section 636 of the Companies Act 2006. For the purposes of complying with section 636, the company will need to pass an ordinary resolution in order to approve the re-classification procedure (unless the articles stipulate an alternative procedure). Altering or varying the rights attaching to shares also requires the company to seek the consent of the relevant existing shareholders in accordance with section 630 of the Companies Act 2006. This procedure requires the company’s existing articles of association to be amended by special resolution to include the newly re-classified shares and the new rights attaching to them. See our Shareholder resolutions – share These Board Minutes go through the procedural requirements that the board will need to follow during the re-classification process and are in open format. The requisite details should be inserted into the highlighted fields or the wording can be adjusted to suit your purposes. Once you have subscribed to the appropriate document folder click on the “Download Document” button below. You will be asked what you want to do with the file. It is recommended that you save the document to a location of your choice prior to viewing. Board Minutes – Reclassification of shares and variation of class rights is part of Corporate Documents. Just £35.00 + VAT provides unlimited downloads from Corporate Documents for 1 year.