Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations(1) This section is made for the purposes of subsection 80 - 30(2) of the Insolvency Practice Schedule (Bankruptcy).
(2) A member of a committee of inspection may resign by notice in writing signed by the member and delivered to the trustee of the regulated debtor's estate.
(3) The office of a member of a committee of inspection becomes vacant if the member:
(a) becomes an insolvent under administration; or
(b) is absent from 5 consecutive meetings of the committee without the leave of those members who together with himself or herself represent the creditors.
(4) A member of the committee of inspection may be removed by a resolution at a meeting of creditors of which 5 business days' notice has been given stating the object of the meeting.
(5) If:
(a) there is a vacancy in the membership of a committee of inspection; and
(b) there are at least 2 remaining members of the committee;
the remaining members may continue to act despite the vacancy and may appoint a person to fill the vacancy.
(6) If:
(a) there is a vacancy in the membership of a committee of inspection; and
(b) there are less than 2 remaining members of the committee;
one or more creditors may request the trustee to convene a meeting of creditors to fill the vacancy and the trustee must convene a meeting accordingly.