Commonwealth Repealed Acts

This legislation has been repealed.

CORPORATIONS LAW- SECT 252B

Calling of meetings of members by responsible entity when requested by members

 
 
(1)
The responsible entity of a registered scheme
must call and arrange to hold a meeting of the scheme's members to consider
and vote on a proposed special or extraordinary resolution on the request of:
 
 
 
(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 on the resolution.


 
 
(1A)
The regulations may prescribe a
different number of members for the purposes of the application of paragraph
(1)(b) to: 
 
 
 
(a)
a
particular scheme; or

(b)
a particular class of scheme. 

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

(2)
The request must: 
 
 

(a)
be in writing; and

(b)
state any resolution to be proposed at the meeting;
and

(c)
be signed by the members proposing to move the resolution.


 
 
(3)
The request may be accompanied by a
statement about the proposed resolution provided by the members making the
request.


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


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


(6)
The responsible entity must call the meeting within 21 days after
the request is given to it. The meeting is to be held not later than 2 months
after the request is given to the responsible entity.


(7)
The responsible entity must give to each of the members a copy of
the proposed resolution and statement (if any) at the same time, or as soon as
practicable afterwards, as it gives notice of the meeting. The responsible
entity must distribute the copies in the same way in which it gives notice of
the meeting.


(8)
The responsible entity does not have to distribute a copy of the
resolution or statement if either is more than 1,000 words long or
defamatory.


(9)
The responsible entity is responsible for the expenses of calling
and holding the meeting and making the distribution. The responsible entity
may meet those expenses from the scheme's assets.