Section 46: Legal nature and types of shares

46. Legal nature and types of shares (1) A share in a company shall be a movable property. (2) Subject to subsection (3), a share in a company shall confer on the holder— (a) the right to one vote on a poll at a meeting of the company on any resolution; (b) the right to an equal share in dividends authorised by the Board; (c) the right to an equal share in the distribution of the surplus assets of the company. (3) Subject to section 59, the rights specified in subsection (2) may be restricted, limited, altered, or added to by the constitution of the company or in accordance with the terms on which the share is issued under section 51 or 52, as the case may be. (4) Subject to the constitution of the company, different classes of shares may be issued in a company. [Issue 3] C35 – 42 Revised Laws of Mauritius (5) Without limiting subsection (4), shares in a company may— (a) be redeemable in accordance with section 76; (b) confer preferential rights to distributions of capital or income; (c) confer special, limited, or conditional voting rights; or (d) not confer voting rights.