THE CORPORATIONS LAW

CHAPTER 2L - DEBENTURES

PART 2L.5 - MEETINGS OF DEBENTURE HOLDERS

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.