CORPORATIONS ACT 2001 - SECT 167AJ Procedure for MCI amendment resolution

CORPORATIONS ACT 2001 - SECT 167AJ

  (1)   This section applies to a meeting of the mutual entity's members if:

  (a)   notice of an MCI amendment resolution to be proposed at the meeting is given in accordance with paragraph   249L(1)(c); and

  (b)   the meeting is held during the period of 36 months beginning on the day this section commences; and

  (c)   no more than 2 MCI amendment resolutions have been considered at previous meetings of the mutual entity's members.

  (2)   The MCI amendment resolution:

  (a)   must be passed at the meeting by at least 75% of the votes cast by or on behalf of members who are present at the meeting (including members who have appointed proxies who are present at the meeting) and entitled to vote on the resolution; and

  (b)   if so passed--has effect as a special resolution despite subsections   136(3) and (4) and anything in the mutual entity's constitution.

  (3)   Despite section   135 and anything in the mutual entity's constitution, section   249T (quorum) applies to the meeting to the extent that the meeting is considering or voting on the MCI amendment resolution.