CCH Note:
Part 13 of the
Corporations Act 1989, inserted
by sec 6 of No 110 of 1990, Sch 1 (effective 1 January 1991), begins as
follows:
PART 13 - THE CORPORATIONS LAW
THE CORPORATIONS LAW
82
The Corporations Law is as follows:...
CHAPTER 2L - DEBENTURES
History
Chapter 2L was inserted by No 156 of 1999, Sch 1 (effective 13 March 2000).
PART 2L.5 - MEETINGS OF DEBENTURE HOLDERS
History
Part 2L.5 was inserted by No 156 of 1999, Sch 1 (effective 13 March 2000).
SECTION 260KB
TRUSTEE'S POWER TO CALL MEETING
260KB(1)
Trustee may call meeting in event of breach.
If the borrower or a guarantor fails to remedy any breach of the terms of the debentures or provisions of the trust deed or this Chapter when required by the trustee, the trustee may:
(a)
call a meeting of debenture holders; and
(b)
inform the debenture holders of the failure at the meeting; and
(c)
submit proposals for protection of the debenture holders' interests to the meeting; and
(d)
ask for directions from the debenture holders in relation to the matter.
260KB(2)
Trustee may appoint person to chair meeting.
The trustee may appoint a person to chair a meeting of debenture holders called under subsection
(1). If the trustee does not exercise this power, the debenture holders present at the meeting may appoint a person to chair the meeting.
History
S 260KB inserted by No 156 of 1999, Sch 1 (effective 13 March 2000).