A resolution that is passed in a general meeting at a minimum of 21 days’ notice and also agreed to by a minimum of 75% of those members who are either present themselves or are present through proxy are known as a Special Resolution. Certain matters need to be sanctioned for Special Resolutions and they are:
Winding up of a company, either voluntarily or by a court’s order
Changing the name of the company
Reduction in the capital of the company
Dis-application of the pre-emption provisions contained
Approval of the redemption or purchase of a company’s own shares out of the capital
Changes in the objects in the memorandum
Approval of according financial assistance
Authorization of the off-market buying of the company’s own shares.
