What is Section 47 of the Companies Act?
Asked by: Luciano Vandervort | Last update: February 26, 2026Score: 4.5/5 (11 votes)
Section 47 of the Companies Act varies by jurisdiction, but commonly refers to shareholder voting rights (India's Companies Act, 2013), detailing how equity shareholders vote in proportion to their capital, or the board's power to determine consideration for shares (New Zealand's Act), ensuring fair value for issued shares. It can also relate to execution of documents by attorneys (UK Companies Act 2006) or even anti-competitive practices in tenders (Canada).
What is Section 47 of the Companies Act, 2013?
Relation between Voting rights and Paid-up capital:
The section 47 also states that, “the voting rights of equity shareholders and preference shareholders should be of the same proportion as the paid-up capital in respect of the equity shares bears to the paid-up capital in respect of the preference shares.”
What rights does a 75% shareholder have?
A 75% shareholder has near-complete control, able to pass special resolutions for fundamental changes like altering company articles, changing the name, reducing capital, or voluntary winding up, and can also pass all ordinary resolutions (like appointing/removing directors). This supermajority control allows them to direct significant corporate actions, including mergers, acquisitions, and share allotments, essentially overriding any minority shareholder objections on these key issues.
What is Section 47 of the Consumer rights Act 2015?
Section 47: Liability that cannot be excluded or restricted
A trader can exclude or restrict their liability arising under section 46 (remedy for damage to device or to other digital content) to the extent that any limitation or exclusion is fair.
What is Section 47 of the investment company Act?
[1] Section 47(b)(1) of the ICA states that any contract made or performed in violation of the ICA is voidable. Should a contract, by formation or performance, violate Section 47(b)(1), “a court may not deny rescission at the instance of any party.” 15 U.S.C.
#ca inter law .Quick revision of Section 47 of the companies act. #ca
What is the exemption of Section 47?
Section 47 of the Income Tax Act is a necessary provision that exempts certain transactions from being classified as transfers. This is important as under the Act, any profit or gain arising from transferring a capital asset shall be chargeable to capital gains tax.
What is Section 47 of the Owners Corporation Act?
(1) An owners corporation must repair and maintain a service in or relating to a lot that is for the benefit of more than one lot and the common property.
What is the purpose of section 47?
Purpose of Section 47 Enquiries
A Section 47 Enquiry is initiated to decide whether, and what type of, action is required to safeguard and promote the welfare of a child who is suspected of, or likely to be, suffering significant harm.
How do I claim under the consumer rights act?
You can call a helpline to get advice. They can also refer your complaint to local Trading Standards Officers who may then investigate on your behalf.
On what grounds can a customer ask for a refund?
If a product or service is faulty, broken or not as described, depending on the problem, you may have the right to a refund, repair or replacement.
Can a 50% shareholder remove a director?
The Articles may provide a procedure for this; otherwise the statutory procedure must be used. The statutory procedure allows any director to be removed by ordinary resolution of the shareholders in general meetings (i.e., the holders of more than 50% of the voting shares must agree).
What are shareholders not allowed to do?
Breach of the Articles or any shareholders' agreement
Failure to hold annual general meetings. Failure to provide accounts. Failing to disclose interests in transactions with the company. Registering new members in breach of restrictions within the Articles.
What happens if someone owns 51% of a company?
When one partner owns 51% or more, they are known as a majority owner. Anyone who owns 49% or less is a minority owner. On a day-to-day basis, this may not make much difference. Both people own the business and benefit from the revenue that it generates.
What rights does a 20% shareholder have?
A shareholder with any amount of 'ordinary' shares (the most common type of share) will enjoy the following rights in a company:
- Receive a share certificate. ...
- Attend any general meetings. ...
- Cast votes on certain proposed actions. ...
- Receive dividends. ...
- Transfer shares. ...
- Exercise pre-emption rights.
What is the 10 percent shareholder rule?
Special conditions are required for individuals who own (or are treated as owning) stock accounting for 10% or more of the total combined voting power of all classes of stock of the corporation employing the optionee.
How to remove a director under the companies Act 2016?
“Subject to section 128, the company may by ordinary resolution remove any director before the expiration of his period of office, and may by an ordinary resolution appoint another person in his stead; the person so appointed shall be subject to retirement at the same time as if he had become a director on the day on ...
What are the 5 key consumer rights?
Five key consumer rights are the Right to Safety (protection from harmful goods), the Right to Be Informed (accurate product info), the Right to Choose (variety at competitive prices), the Right to Be Heard (complaints addressed), and the Right to Redress (compensation for wrongs). These rights ensure fair treatment and empower consumers to make informed decisions and seek resolution for issues, stemming from the original "Consumer Bill of Rights" proposed by President John F. Kennedy.
What voids a guarantee?
A merchant might declare a warranty void under various circumstances. This outcome is more likely if you use a product for something other than its usual purpose. The seller or manufacturer may then choose not to honor the warranty terms.
What is the 6 year consumer law?
Consumer rights or rights under a guarantee
You can raise a problem about a product for up to six years from the date of buying it regardless of the terms of any guarantee. You can rely on the remedies available to you under law rather than your rights under a guarantee.
What is the Offence of Section 47?
Section 47 OAPA 1861 – maximum 5 years' imprisonment
This offence (section 47 OAPA 1861) is committed when a person intentionally or recklessly assaults another, thereby causing actual bodily harm (ABH). Harm need not be permanent but must be more than transient and trifling: R v Donovan [1934] 2 KB 498.
What are the possible outcomes of a section 47?
How many outcomes are there of a section 47 Enquiry? There are five possible outcomes of a Section 47 Enquiry: No Further Action: If the enquiry determines that the child is not at significant risk of harm, no further action may be taken, and the case may be closed.
How does s47 relate to domestic abuse cases?
The purpose of a Section 47 investigation is to determine whether the child is suffering, or likely to suffer, significant harm. Significant harm can manifest in various forms including physical, emotional, sexual abuse, neglect or exposure to domestic violence.
What is the difference between section 47 and 48?
The purpose of a s. 47 notice is to inform the leaseholder of the freeholder's identity by providing its name and address. A s. 48 notice has the sole purpose of stating an address in England & Wales where the leaseholder can serve notices on the freeholder.
What is Section 47 of the Competition and Consumer Act?
This section prohibits the making or giving effect to a contract, arrangement or understanding containing a provision that has the purpose, or has or is likely to have the effect of, substantially lessening competition in a market.
How to remove a director under the Companies Act 2006?
168Resolution to remove director
(1)A company may by ordinary resolution at a meeting remove a director before the expiration of his period of office, notwithstanding anything in any agreement between it and him.