(1)
Subject to the provisions of section 49 and of this section and of any part of Part B (which preserves the rights of minorities in certain cases) any provision in a company’s memorandum, which might lawfully have been in articles of association instead of in the memorandum, may be altered by the company by special resolution, but if an application is made to the court for the alteration to be cancelled, the alteration does not have effect except in so far as it is confirmed by the Court.
(2)
This section does not apply where the memorandum itself provides for or prohibits the alteration of all or any of the said provisions, and shall not authorise any variation or abrogation of the special rights of any class of members.
(3)
Section 51 (2), (3), (4), (7), (8) and (9) (which relate to mode of alteration of business or objects) except subsection (2) (b) thereof, shall apply in relation to any alteration and application made under this section as they apply in relation to alterations and to applications made under that section.
(4)
This section applies to a company’s memorandum, whether registered before or after the commencement of this Act.