THE CORPORATIONS LAW

CHAPTER 2G - MEETINGS

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

Division 1 - Who may call meetings of members

SECTION 252B   CALLING OF MEETINGS OF MEMBERS BY RESPONSIBLE ENTITY WHEN REQUESTED BY MEMBERS  

252B(1)  (Members' request for meeting)  

The responsible entity of a registered scheme must call and arrange to hold a meeting of the scheme's members to consider and vote on a proposed special or extraordinary resolution on the request of:

(a)  members with at least 5% of the votes that may be cast on the resolution; or

(b)  at least 100 members who are entitled to vote on the resolution.

252B(1A)  (Prescription of members by regulation)  

The regulations may prescribe a different number of members for the purposes of the application of paragraph (1)(b) to:

(a)  a particular scheme; or

(b)  a particular class of scheme.

Without limiting this, the regulations may specify the number as a percentage of the total number of members of the scheme.

252B(2)  [Form of request]  

The request must:

(a)  be in writing; and

(b)  state any resolution to be proposed at the meeting; and

(c)  be signed by the members proposing to move the resolution.

252B(3)  [Statement about resolution]  

The request may be accompanied by a statement about the proposed resolution provided by the members making the request.

252B(4)  [Separate copies]  

Separate copies of a document setting out the request and statement (if any) may be used for signing by members if the wording of the request and statement (if any) is identical in each copy.

252B(5)  [Determining votes]  

The percentage of the votes that members have is to be worked out as at the midnight before the request is given to the responsible entity.

252B(6)  [When meeting must be held]  

The responsible entity must call the meeting within 21 days after the request is given to it. The meeting is to be held not later than 2 months after the request is given to the responsible entity.

252B(7)  [Copy of proposed resolution and statement]  

The responsible entity must give to each of the members a copy of the proposed resolution and statement (if any) at the same time, or as soon as practicable afterwards, as it gives notice of the meeting. The responsible entity must distribute the copies in the same way in which it gives notice of the meeting.

252B(8)  [1,000 words or defamatory]  

The responsible entity does not have to distribute a copy of the resolution or statement if either is more than 1,000 words long or defamatory.

252B(9)  [Expenses]  

The responsible entity is responsible for the expenses of calling and holding the meeting and making the distribution. The responsible entity may meet those expenses from the scheme's assets.