Section 93. Disallowance or confirmation of variation by Court

(1) If the rights attached to shares in any class of shares in a company are varied, the shareholders representing at least ten per centum of the total voting rights in the class may apply to the Court to have the variation disallowed.

(2) An application under subsection (1)—

(a) shall be made within thirty days from the date on which the variation is made; and

(b) may be made on behalf of the shareholders by any shareholder appointed in writing by all shareholders in that class.

(3) The Court shall, upon hearing of the application made under subsection (1), make the following order:

(a) if the Court is satisfied that the variation would unfairly prejudice the shareholders represented by the applicant, disallow the variation; or

(b) if the Court is satisfied that the variation would not unfairly prejudice the shareholders, confirm the variation.