I move amendment No. 50 :
To delete subsections (6) and (7) and substitute the following subsection :
" () A resolution shall be an extraordinary resolution when it has been passed in the manner provided in this section for the passing of a special resolution at a meeting of which not less than 7 days notice specifying the intention to propose the resolution as an extraordinary resolution has been duly given."
The object of this section as I understand it is to do away with the distinction heretofore between extraordinary resolutions and special resolutions. The distinction was altered by the 1959 Act and did away with the necessity for having two meetings to pass special resolutions. That of course was a good move. The thing with which I am concerned is any resolution now which heretofore was an extraordinary resolution will be a special resolution and there must be 21 days' notice in order to pass that resolution. Twenty-one days' notice is all right for a special resolution but one can envisage many circumstances in which a company may want to pass an extraordinary resolution in a hurry and pass it in a shorter time than 21 days, as they can now. I know of one case where it is of great importance for a company to pass extraordinary resolutions with speed and it can be done without any inconvenience or any injustice by giving seven days' notice, say, of the meeting to be held. Under present circumstances we must give 21 days' notice and whilst in most cases 21 days probably will not involve any great difficulty there are quite a number of cases where speed would be of great importance and where it would be desirable for the company to have power to pass extraordinary resolutions in less than 21 days. I do not think it is wise to abolish the differentiation that existed between extraordinary resolutions and special resolutions heretofore.