Commonwealth Numbered Acts

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CORPORATIONS ACT 2001 No. 50, 2001 - SECT 550

Vacancies on committee of inspection

(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.



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