Companies (Amendment) Act, 2000

38. Substitution of new section for section 86.-

For section 86 of the principal Act, the following section shall be substituted, namely:-

"86. New issues of share capital to be only of two kinds.-The share capital of a company limited by shares shall be of two kinds only, namely:-

(a) equity share capital-

(i) with voting rights; or

(ii) with differential rights as to dividend, voting or otherwise in accordance with such rules and subject to such conditions as may be prescribed;

(b) preference share capital.".