Treasury Laws Amendment (Modernising Business Communications and Other Measures) Act 2023 (69 of 2023)

Schedule 2   ALRC Financial Services Interim Report

Part 3   Other amendments

Division 2   Definitions about resolutions

Corporations Act 2001

113   At the end of Division 6 of Part 2G.4

Add:

253LA Requirements for a special resolution or an extraordinary resolution

(1) For a resolution of the members of a registered scheme to have effect as a special resolution:

(a) notice given under section 252G of the meeting at which the resolution is proposed must include the information required by paragraph 252J(c) in relation to the resolution; and

(b) the resolution must be passed by at least 75% of the votes cast by members of the scheme who are entitled to vote on the resolution; and

(c) the resolution must be otherwise valid.

(2) For a resolution of the members of a registered scheme to have effect as an extraordinary resolution:

(a) notice given under section 252G of the meeting at which the resolution is proposed must include the information required by paragraph 252J(c) in relation to the resolution; and

(b) the resolution must be passed by at least 50% of the votes that may be cast by members of the scheme who are entitled to vote on the resolution (including members who are not present in person or by proxy).

(c) the resolution must be otherwise valid.