Commonwealth Repealed Acts

This legislation has been repealed.

CORPORATIONS LAW- SECT 252M

Responsible entity giving notice of members' resolutions

 
 
(1)
If a responsible entity has been given notice
of a resolution under section 252L, the resolution is to be considered at the
next meeting of the scheme's members that occurs more than 2 months after the
notice is given.


(2)
The responsible entity must give all the members of the scheme
notice of the resolution at the same time, or as soon as practicable
afterwards, and in the same way, as it gives notice of a meeting.


(3)
The responsible entity is responsible for the cost of giving
members notice of the resolution if the responsible entity receives the notice
in time to send it out to members with the notice of meeting.


(4)
The members requesting the meeting are jointly and individually
liable for the expenses reasonably incurred by the responsible entity in
giving members notice of the resolution if the responsible entity does not
receive the members' notice in time to send it out with the notice of meeting.
A resolution may be passed at a meeting of the scheme's members that the
responsible entity is to meet the expenses out of the scheme's assets.


(5)
The responsible entity need not give notice of the resolution:
 
 
 
(a)
if it is more than
1,000 words long or defamatory; or

(b)
if the members making the request are to bear the expenses of
sending the notice out—unless the members give the responsible entity a
sum reasonably sufficient to meet the expenses that it will reasonably incur
in giving the notice.