Corporations Act 2001

CHAPTER 2B - BASIC FEATURES OF A COMPANY  

PART 2B.8 - MUTUAL CAPITAL INSTRUMENTS (MCIs)  

Division 3 - Special procedure for amending constitution of mutual entity that proposes to issue MCIs  

SECTION 167AJ   PROCEDURE FOR MCI AMENDMENT RESOLUTION  

167AJ(1)    
This section applies to a meeting of the mutual entity ' s members if:

(a)    notice of an MCI amendment resolution to be proposed at the meeting is given in accordance with paragraph 249L(1)(c) ; and

(b)    the meeting is held during the period of 36 months beginning on the day this section commences; and

(c)    no more than 2 MCI amendment resolutions have been considered at previous meetings of the mutual entity ' s members.

167AJ(2)    
The MCI amendment resolution:

(a)    must be passed at the meeting by at least 75% of the votes cast by or on behalf of members who are present at the meeting (including members who have appointed proxies who are present at the meeting) and entitled to vote on the resolution; and

(b)    if so passed - has effect as a special resolution despite subsections 136(3) and (4) and anything in the mutual entity ' s constitution.

167AJ(3)    
Despite section 135 and anything in the mutual entity ' s constitution, section 249T (quorum) applies to the meeting to the extent that the meeting is considering or voting on the MCI amendment resolution.