Commonwealth Numbered Regulations

1992 No. 281 CORPORATIONS REGULATIONS (AMENDMENT) - REG 9

  9.1   After regulation 7.12.16, insert:
Conditions for passing a special variation proposal otherwise than at a
special variation meeting

"7.12.16A. For the purposes of paragraph 1076T (1) (b) of the Corporations
Law, the conditions to be satisfied for a special variation proposal to be
passed otherwise than at a special variation meeting are:

   (a)  that the passage of the special variation proposal is necessary to
        implement a proposal agreed to at a meeting of unitholders convened
        under the covenant prescribed in paragraph 7.12.15A (6) (d) or (8)
        (b); or

   (b)  that the passage of the special variation proposal is necessary to
        allow the trustee and the management company of an unlisted property
        trust to have the units in the trust quoted on a stock market of a
        securities exchange under the covenant prescribed in paragraph
        7.12.15A (9) (b). Exemption from paragraph 1076T (3) (b) of the
        Corporations Law

"7.12.16B. Paragraph 1076T (3) (b) of the Corporations Law does not have
effect in relation to a person holding prescribed interests who:

   (a)  is an associate of a management company in respect of those interests;
        and

   (b)  holds units in a Subdivision C trust within the meaning of Division 5A
        of Part 7.12 of that Law in which all of the units are held by a
        person or persons mentioned in paragraph (a).".