Corporations (Aboriginal and Torres Strait Islander) Act 2006

CHAPTER 4 - MEMBERS AND OBSERVERS  

PART 4-4 - PROTECTION OF MEMBERS ' INTERESTS  

Division 172 - What protections apply to variations or cancellations of class rights?  

SECTION 172-15  

172-15   VARIATION, CANCELLATION OR MODIFICATION WITH UNANIMOUS SUPPORT OF CLASS  
If the members in a class of members of an Aboriginal and Torres Strait Islander corporation all agree (whether by resolution or written consent) to the variation, cancellation or modification, it takes effect:

(a)    if no later date is specified in the resolution or consent - on the date of the resolution or consent; or

(b)    on a later date specified in the resolution or consent.