Variation of shareholders' rights.48. (1) Where a share capital of the company is divided into different classes of shares, the rights attached to the shares of any class may be varied with the consent in writing of the holders of not less than three-fourths of the issued shares of that class or by means of a special resolution passed at a separate meeting of the holders of the issued shares of that class,-
| (a) | - | if provision with respect to such variation is contained in the memorandum or articles of the company; or |
| (b) | - | in the absence of any such provision in the memorandum or articles, if such variation is not prohibited by the terms of issue of the shares of that class: |
Provided that if variation by one class of shareholders affects the rights of any other class of shareholders, the consent of three-fourths of such other class of shareholders shall also be obtained and the provisions of this section shall apply to such variation.(2) Where the holders of not less than ten per cent of the issued shares of a class did not consent to such variation or vote in favour of the special resolution for the variation, they may apply
to the Tribunal to have the variation cancelled, and where any such application is made, the variation
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