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 5 - EXTERNAL ADMINISTRATION

PART 5.9 - MISCELLANEOUS

Division 3 - Provisions applying to various kinds of external administration

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SECTION 600B REVIEW BY COURT OF RESOLUTION OF CREDITORS PASSED ON CASTING VOTE OF PERSON PRESIDING AT MEETING

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600B(1) [Resolution passed on casting vote]

This section applies if, because the person presiding at the meeting exercises a casting vote, a resolution is passed at a meeting of creditors of a company held:

(a) under Part 5.3A or a deed of company arrangement executed by the company; or

(b) in connection with winding up the company.

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600B(2) [Application to set aside resolution]

A person may apply to the Court for an order setting aside or varying the resolution, but only if:

(a) the person voted against the resolution in some capacity (even if the person voted for the resolution in another capacity); or

(b) a person voted against the resolution on the first-mentioned person's behalf.

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600B(3) [Court may set aside or vary resolution]

On an application, the Court may:

(a) by order set aside or vary the resolution; and

(b) if it does so - make such further orders, and give such directions, as it thinks necessary.

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600B(4) [Effect of varied resolution]

On and after the making of an order varying the resolution, the resolution has effect as varied by the order.

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