Section 90. Description of shares of different classes

(1) A company that has different classes of shares shall, in its constitution, state prominently the following:

(a) that the company’s share capital is divided into different classes of shares; and

(b) the voting rights attached to shares in each class.

(2) If a company has a class of shares of which the holders are not entitled to vote at general meetings of the company—

(a) the descriptive title of shares in the class shall include the words “non-voting”; and

(b) the company shall ensure that those words appear legibly on any share certificate, prospectus or directors’ report issued by the company.

(3) Subsection (2) shall not apply to shares that are described as preference shares.

(4) No company shall allot any preference shares or convert any issued shares into preference shares unless provided by the constitution and the constitution shall set out the rights of the shareholders with respect to repayment of capital, participation in surplus assets and profits, cumulative or non-cumulative dividends, voting and priority of payment of capital and dividend in relation to other shares or other classes of preference shares.

(5) The company and every officer who contravene this section commit an offence and shall, on conviction, be liable to a fine not exceeding five hundred thousand ringgit.