Commentary Part 17: a Company’s Share Capital Chapter 9: Classes of Shares and Class Rights
929.“Classes of shares” (or “class rights”) is not defined in the 1985 Act but at common law this term is normally used where the rights that attach to a particular share relate to matters such as voting rights, a right to dividends and a right to a return of capital when a company is wound-up. Rights attach to a particular class of shares if the holders of shares in that class enjoy rights that are not enjoyed by the holders of shares in another class.