Companies Act (Cap. 386), article 135

135. (1) A resolution shall be an extraordinary resolution where- (a) it has been taken at a general meeting of which notice specifying the intention to propose the text of the resolution as an extraordinary resolution and the principal purpose thereof has been duly given; and (b) it has been passed by a member or members having the right to attend and vote at the meeting holding in the aggregate not less than seventy-five per cent in nominal value of the shares represented and entitled to vote at the meeting and at l east fifty-one per cent, or such other higher percentage as the memorandum or articles may prescribe, in nominal value of all the shares entitled to vote at the meeting: Provided that, if one of the aforesaid majorities is obtained, but not both, another meeting shall be convened within thirty days in accordance with the provisions for the calling of meetings to take a fresh vote on the proposed resolution. At the second meeting the resolution may be passed by a member or members having the right to attend and vote at the meeting holding in the aggregate not less than seventy-five per cent in nominal value of the shares represented and entitled to vote at the meeting. However, if more than COMP ANIES [CAP. 386. 89 half in nominal value of all the shares having the right to vote at the meeting is rep resented at that meeting, a simple majority in nominal value of such shares so represented shall suffice. (2) An ordinary resolution shall be passed by a member or members having the right to attend and vote holding in the aggregate shares entitling the holder or holders thereof to mor e than fifty per cent of the vo ting rights attached to shares represented and entitled to vote at the meeting, or such other higher percentage as the memorandum or articles may prescribe. (3) In the case of a private company a resolution shall be an extraordinary re solution where - (a) the provisions of sub-article (1)( a) are complied with; and (b) it has been passed by a number of members having the right to attend and vote at any such meeting holding in the aggregate not less than fifty-one per cent in nominal value of the shares conferring that right or such other higher percentage as the memorandum or articles may prescribe. Chapter VIII - Manageme nt and Administration Power of company to borrow money, hypothecate or charge its undertaking, etc. Amended by: IV . 2003.62.