THE CORPORATIONS LAW

CHAPTER 2G - MEETINGS

PART 2G.4 - MEETINGS OF MEMBERS OF REGISTERED MANAGED INVESTMENT SCHEMES

Division 3 - Members' rights to put resolutions etc at meetings of members

SECTION 252M   RESPONSIBLE ENTITY GIVING NOTICE OF MEMBERS' RESOLUTIONS  

252M(1)  [When resolution to be considered]  

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.

252M(2)  [Notice to be given]  

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.

252M(3)  [Cost]  

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.

252M(4)  [Expenses]  

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.

252M(5)  [When notice need not be given]  

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.