Section 96, The Companies Act, 2009

(1) Unless otherwise provided by any other enactmentor the articles of association– (a) any shares issued by a company after the date of commencement of this Act, shall carry the right on a poll at a general meeting of the company to one vote in respect of each share and no company may by its articles or otherwise authorise the issue of shares which carry more than one vote in respect of each share or which do not carry any right to vote; and of order and minutes of reduction. Rights and liabilities attached to Shares as transferable non-voting and weighted 68 69 (b) where, at the commencement of this Act, any share of a company carries more than one vote or does not carry any vote at a general meeting of the company, such a share shall be deemed, as from the appointed day, to carry one vote only. (2) If a company contravenes any of the provisions of this section, the company and any officer in default shall be guilty of an offence and be liable to a daily default fine of Le500,000 and any resolution passed in contravention of this section shall be void. (3) Nothing in this section shall– (a) affect any right attached to a preference share under section 119; and (b) apply to a private company. Issue of shares