Section 140 CAMA 2020

Section 140 Companies and Allied Matters Act is about Prohibition of non-voting and weighted shares. It is under Chapter 8 (Shares and Nature of Shares) of PART B (Incorporation of Companies and Incidental Matters) of the Act.

Prohibition of non-voting and weighted shares

(1) Unless otherwise provided by any other enactment, any share issued by a company 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.

(2) If a company contravenes any of the provisions of this section, the company and any officer in default are liable to a daily default fine as the Commission shall specify by regulation and any resolution passed in contravention of this section shall be void.

(3) Nothing in this section shall affect any right attached to a preference share under section 168.