Venture Deals · glossary
A class’s agreement to a change in its rights, such as a new class ranking ahead of it. At Solaris it needs holders of 75% of the class by nominal value, or a special resolution at a class meeting. Article 9.1 · Chapter 9
Explained in Chapter 9, Preference Shares and the Stack, of Venture Deals.
That order was not free, because a new class placed ahead of an old one takes something from it. So article 9.2(a) treats the creation of any share ranking ahead of a class, or equally with it, as a variation of that class's rights. A variation needs class consent. Under article 9.1, that is written consent from holders of 75% of the class by nominal value, or a special resolution at a class meeting.Read Chapter 9, Preference Shares and the Stack →
Chapter 1 and this glossary are open to everyone; the whole edition is free to read with a free account until 31 January, and it stays open to an account opened by then.Chapter 1 of Venture Deals and this glossary are free to read; the rest of the edition is in the Library, at €12 a month or €79 for a Year Pass.
Related terms
Where this term lives
This term is part of one complete fictional deal, with every document attached and a test after every chapter. Open Venture Deals → · All terms A–Z →