Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 550

550. (1) A member of a committee may resign by notice in writing signed by the
member and delivered to the liquidator.

(2) If a member of a committee:

   (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 or contributories, as the case may be; his or her office
        becomes vacant.

(3) A member of the committee who represents creditors may be removed by a
resolution at a meeting of creditors of which 7 days' notice has been given
stating the object of the meeting, and a member of the committee who
represents contributories may be removed by a resolution at a meeting of
contributories of which such notice has been given.

(4) A meeting referred to in subsection (3) may appoint a person to fill a
vacancy caused by the removal of a member of the committee.

(5) A vacancy in the committee may be filled by the appointment of a person by
a resolution at a meeting of the creditors or of the contributories, as the
case may be, of which 7 days' notice has been given.

(6) A vacancy in the committee that is not filled as provided by subsection
(4) or (5) may be filled by the appointment of a person by the committee and a
person so appointed represents the creditors, or the contributories, as the
case may be.

(7) Notwithstanding a vacancy in the committee, the continuing members of the
committee may act provided they are not less than 2 in number.