What can minority members holding 15% or more of shares apply for?

Minority members holding 15% or more of shares can specifically apply to challenge a variation of class rights. This is an important protection built into corporate law that allows minority shareholders to safeguard their interests when changes impacting their rights are proposed. Class rights refer to the specific rights attached to different categories of shares, such as voting rights or rights to dividends. If a company intends to alter these rights, minority shareholders have the standing to oppose such changes through legal channels, ensuring that their rights are not unfairly overridden.

By giving minority shareholders this ability, the law helps to balance power in a corporation, preventing majority shareholders from making decisions that could disproportionately disadvantage minority interests. This promotes fair treatment and encourages active participation from all shareholders in corporate governance matters.

In contrast, the other options do not align with the legal rights granted to minority shareholders in this context. Altering a trading name is typically the prerogative of the company’s directors and does not require a shareholder application. Additional benefits are not a specific legal recourse provided to minority shareholders and could vary widely depending on company policy rather than statutory rights. Dissolving the company is also a significant action that generally requires a much larger consensus than just a minority of shareholders.