Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 1074

1074. (1) Where:

   (a)  the management company under a deed is in the course of being wound
        up; or

   (b)  in the opinion of the trustee or representative, the management
        company has ceased to carry on business or has, to the prejudice of
        holders of prescribed interests to which the deed relates, failed to
        comply with a provision of the deed; the trustee or representative
        shall convene a meeting of those holders in the manner set out in
        subsection (2).

(2) A meeting under subsection (1) shall be convened by sending notice of the
proposed meeting at least 21 days before the proposed meeting to each holder
at the holder's last known address, or, in the case of joint holders, to the
joint holder whose name appears first in the management company's records.

(3) The provisions of subsection 1069 (11) apply to such a meeting as if the
meeting were a meeting referred to in that subsection.

(4) If at any such meeting a resolution is passed by a majority of not less
than three-quarters in value of the holders of the prescribed interests
present in person and voting at the meeting that the undertaking, scheme,
enterprise, contract or arrangement to which the deed relates be wound up, the
trustee or representative shall, within 28 days after the day on which the
meeting is held, apply to the Court for an order confirming the resolution.

(5) On an application by the trustee or representative, the Court may, if it
is satisfied that it is in the interest of the holders of the prescribed
interests, confirm the resolution and may make such orders as it thinks just
and reasonable for the effective winding up of the undertaking, scheme,
enterprise, contract or arrangement.