TRANSFER OF LAND ACT 1958 - SECT 98B Restriction on amendment of memorandum articles or rules affecting shares in service company

TRANSFER OF LAND ACT 1958 - SECT 98B

Notwithstanding anything to the contrary in any Act or law, no amendment or alteration of the memorandum or articles or rules of a service company operating in relation to a building subdivision, which amendment or alteration affects the allotment or issue of shares or other like interests in the service company or the rights privileges (including rights of voting) attached to any such shares or other interests, shall be made except—

        (a)     with the consent in writing of each of the registered proprietors for the time being of the several stratum estates in the subdivision or of the persons for the time being empowered by law to deal with those estates; or

S. 98B(b) amended by Nos 57/1989 s. 3(Sch. item 201.4(a)–(c)), 80/2009 s. 50.

        (b)     in accordance with an order made by a court upon application made in a summary way (which order a court is hereby authorized to make) dispensing with the need for all or any such consents in the circumstances of a particular case (including any case where any such consent has in the opinion of the court been unreasonably withheld) either absolutely or subject to such conditions as are specified in the order.

S. 98C inserted by No. 6646 s. 3.