Section 10: Time limits for board resolutions.

(1) Where the Board of Directors of any company decides by a resolution passed not later than twenty-four months from the commencement of this Act, to issue non-voting paid-up shares in accordance with the provisions of this Act, the Board of Directors may, without seeking the approval of the shareholders at a general meeting, amend the memorandum and articles of association of the company to give effect to the resolution.
(2) A notice of any resolution passed pursuant to the provisions of subsection (1) of this section shall forthwith be sent to the Exchange and to the shareholders of the company with an explanatory note stating the implication of such resolution and that the shareholders may subscribe to the shares issued under subsection (1) of this section.
(3) Any resolution passed after the period specified in subsection (1) of this section shall not have effect unless approved by the shareholders in a general meeting.