However, in certain limited cases, the courts may imply terms into the articles, as seen in the case of Attorney General of Belize v Belize Telecom Limited [2009] UKPC 10. A company (BTL) was formed to take over a government public body, namely the Belize Telecommunications Authority, in order for the government to instigate a sale of its financial interests.
The share structure awarded the Belize government a range of special rights to protect their interests; in particular, enhanced powers to appoint and remove directors. The powers to appoint two special directors to the board were vested in the C class shares.
Eventually BTL acquired the shareholdings with the C class shares with the attached special rights together with most of the issued ordinary shares. BTL then used the ordinary shares, which equated to around 60% of the issued share capital as collateral, to secure the finance to purchase the government’s holdings.