THE CORPORATIONS LAW

CHAPTER 5 - EXTERNAL ADMINISTRATION

PART 5.9 - MISCELLANEOUS

Division 3 - Provisions applying to various kinds of external administration

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SECTION 600C   COURT'S POWERS WHERE PROPOSED RESOLUTION OF CREDITORS LOST AS CASTING VOTE OF PERSON PRESIDING AT MEETING  

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600C(1)  [Resolution not passed]  

This section applies if, because the person presiding at the meeting exercises a casting vote, or refuses or fails to exercise such a vote, a proposed resolution is not 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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600C(2)  [Application to Court]  

A person may apply to the Court for an order under subsection (3), but only if:

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

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

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600C(3)  [Court may order resolution passed]  

On an application, the Court may:

(a)  order that the proposed resolution is taken to have been passed at the meeting; and

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

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600C(4)  [Effect of resolution deemed passed]  

If an order is made under paragraph (3)(a), the proposed resolution:

(a)  is taken for all purposes (other than those of subsection (1)) to have been passed at the meeting; and

(b)  is taken to have taken effect:

(i) if the order specifies a time when the proposed resolution is to be taken to have taken effect - at that time, even if it is earlier than the making of the order; or
(ii) otherwise - on the making of the order.
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