CORPORATIONS (ABORIGINAL AND TORRES STRAIT ISLANDER) ACT 2006 - SECT 172.1 Varying and cancelling class rights

CORPORATIONS (ABORIGINAL AND TORRES STRAIT ISLANDER) ACT 2006 - SECT 172.1

If constitution sets out procedure

  (1)   If an Aboriginal and Torres Strait Islander corporation's constitution sets out the procedure for varying or cancelling rights of members in a class of members, those rights may be varied or cancelled only in accordance with the procedure. The procedure may be changed only if the procedure itself is complied with.

If constitution does not set out procedure

  (2)   If an Aboriginal and Torres Strait Islander corporation's constitution does not set out the procedure for varying or cancelling rights of members in a class of members, those rights may be varied or cancelled only by special resolution of the corporation and:

  (a)   by special resolution passed at a meeting of the class of members whose rights are being varied or cancelled; or

  (b)   with the written consent of members with at least 75% of the votes in the class.

Notice of variation

  (3)   The corporation must give written notice of the variation or cancellation to the members of the class within 7 days after the variation or cancellation is made.

  (4)   The corporation commits an offence if it contravenes subsection   (3).

Penalty:   5 penalty units.

  (5)   An offence against subsection   (4) is an offence of strict liability.

Note:   For strict liability , see section   6.1 of the Criminal Code .