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 2L - DEBENTURES

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History

Chapter 2L was inserted by No 156 of 1999, Sch 1 (effective 13 March 2000).

PART 2L.5 - MEETINGS OF DEBENTURE HOLDERS

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History

Part 2L.5 was inserted by No 156 of 1999, Sch 1 (effective 13 March 2000).

SECTION 260KB   TRUSTEE'S POWER TO CALL MEETING  

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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.

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History

S 260KB inserted by No 156 of 1999, Sch 1 (effective 13 March 2000).

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