Company Law Review Act 1998 (61 of 1998)

Schedule 2   Consequential amendment of the Corporations Law

Part 3   Shares (new Chapter 2H) Transactions affecting share capital (new Chapter 2J)

217   Subparagraph 411(4)(a)(ii)

Repeal the subparagraph, substitute:

(ii) in the case of a compromise or arrangement between a body and its members or a class of members - a resolution in favour of the compromise or arrangement is:

(A) passed by a majority in number of the members, or members in that class, present and voting (either in person or by proxy); and

(B) if the body has a share capital - passed by 75% of the votes cast on the resolution; and