THE CORPORATIONS LAW

CCH Note: Part 13 of the Corporations Act 1989, inserted by sec 6 of No 110 of 1990, Sch 1 (effective 1 January 1991), begins as follows:

PART 13 - THE CORPORATIONS LAW
THE CORPORATIONS LAW 82
The Corporations Law is as follows:...

CHAPTER 2G - MEETINGS

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

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

SECTION 252L MEMBERS' RESOLUTIONS

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252L(1) (Notice of resolution)

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The following members of a registered scheme may give the responsible entity notice of a resolution that they propose to move at a meeting of the scheme's members:

(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 at a meeting of the scheme's members.

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*252L(1A) [Resolution]

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The resolution must be:

(a) a special resolution; or

(b) an extraordinary resolution; or

(c) a resolution to remove the responsible entity of a scheme that is listed and choose a new responsible entity.

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*252L(1A) [Regulations]

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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.

*CCH Note: No 156 of 1999 inserted two versions of subsection 252L(1A). We have reproduced both subsections.

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252L(2) [Form and content of notice]

The notice must:

(a) be in writing; and

(b) set out the wording of the proposed resolution; and

(c) be signed by the members giving the notice.

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252L(3) [Separate copies]

Separate copies of a document setting out the notice may be used for signing by members if the wording of the notice is identical in each copy.

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252L(4) [Determining votes]

The percentage of the votes that members have is to be worked out as at the midnight before the members give the notice.

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