THE CORPORATIONS LAW

CHAPTER 5 - EXTERNAL ADMINISTRATION

PART 5.6 - WINDING UP GENERALLY

Division 5 - Committees of inspection

SECTION 550   VACANCIES ON COMMITTEE OF INSPECTION  

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550(1)  [Resignation]  

A member of a committee may resign by notice in writing signed by the member and delivered to the liquidator.

550(2)  [Automatic vacancy]  

If a member of a committee:

(a)  becomes an insolvent under administration; or

(b)  is absent from 5 consecutive meetings of the committee without the leave of those members who together with himself or herself represent the creditors or contributories, as the case may be;

his or her office becomes vacant.

550(3)  [Removal]  

A member of the committee who represents creditors may be removed by a resolution at a meeting of creditors of which 7 days' notice has been given stating the object of the meeting, and a member of the committee who represents contributories may be removed by a resolution at a meeting of contributories of which such notice has been given.

550(4)  [Filling vacancy caused by removal]  

A meeting referred to in subsection (3) may appoint a person to fill a vacancy caused by the removal of a member of the committee.

550(5)  [Filling other vacancies]  

A vacancy in the committee may be filled by the appointment of a person by a resolution at a meeting of the creditors or of the contributories, as the case may be, of which 7 days' notice has been given.

550(6)  [Appointment by committee]  

A vacancy in the committee that is not filled as provided by subsection (4) or (5) may be filled by the appointment of a person by the committee and a person so appointed represents the creditors, or the contributories, as the case may be.

550(7)  [Powers of continuing members]  

Notwithstanding a vacancy in the committee, the continuing members of the committee may act provided they are not less than 2 in number.

 

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