Commonwealth Repealed Acts

This legislation has been repealed.

CORPORATIONS LAW- SECT 249P

Members' statements to be distributed

 
 
(1)
Members may request a company to give to all
its members a statement provided by the members making the request about:
 
 
 
(a)
a resolution that
is proposed to be moved at a general meeting; or

(b)
any other matter that may be properly considered at a general
meeting. 

 
 
(2)
The request must be made by: 
 
 
(a)
members with at least 5% of the
votes that may be cast on the resolution; or

(b)
at least 100 members who are entitled to vote at the meeting.


 
 
(2A)
The regulations may prescribe a
different number of members for the purposes of the application of paragraph
(2)(b) to: 
 
 
 
(a)
a
particular company; or

(b)
a particular class of company. 

 
Without limiting this, the regulations may specify the number
as a percentage of the total number of members of the company.
 

(3)
The request must be: 
 
 
 
(a)
in writing; and

(b)
signed by the members making the request; and

(c)
given to the company. 

 
 
(4)
Separate copies of a document setting
out the request may be used for signing by members if the wording of the
request is identical in each copy.


(5)
The percentage of votes that members have is to be worked out as
at the midnight before the request is given to the company.


(6)
After receiving the request, the company must distribute to all
its members a copy of the statement at the same time, or as soon as
practicable afterwards, and in the same way, as it gives notice of a general
meeting.


(7)
The company is responsible for the cost of making the
distribution if the company receives the statement in time to send it out to
members with the notice of meeting.


(8)
The members making the request are jointly and individually
liable for the expenses reasonably incurred by the company in making the
distribution if the company does not receive the statement in time to send it
out with the notice of meeting. At a general meeting, the company may resolve
to meet the expenses itself.


(9)
The company need not comply with the request: 
 
 
 
(a)
if the statement is more than
1,000 words long or defamatory; or

(b)
if the members making the request are responsible for the
expenses of the distribution—unless the members give the company a sum
reasonably sufficient to meet the expenses that it will reasonably incur in
making the distribution.