Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations(1) This regulation applies to a poll taken at a meeting of creditors.
(2) A resolution is carried if:
(a) a majority of the creditors voting (whether in person, by attorney or by proxy) vote in favour of the resolution; and
(b) the value of the debts owed by the corporation to those voting in favour of the resolution is more than half the total debts owed to all the creditors voting (whether in person, by proxy or by attorney).
(3) A resolution is not carried if:
(a) a majority of creditors voting (whether in person, by proxy or by attorney) vote against the resolution; and
(b) the value of the debts owed by the corporation to those voting against the resolution is more than half the total debts owed to all creditors voting (whether in person, by proxy or by attorney).
(4) Subject to subregulation (4B), if no result is reached under subregulation (2) or (3), then:
(a) the person presiding at the meeting may exercise a casting vote in favour of the resolution, in which case the resolution is carried; or
(b) the person presiding at the meeting may exercise a casting vote against the resolution, in which case the resolution is not carried; or
(c) if the person presiding at the meeting does not exercise a casting vote, the resolution is not carried.
(4A) If no result is reached under subregulation (2) or (3), and the meeting is not a meeting of eligible employee creditors, the person presiding at the meeting must include in the minutes of the meeting the reasons for exercising, or not exercising, as the case may be, a casting vote under subregulation (4).
(4B) In the case of a meeting of eligible employee creditors mentioned in paragraph 444DA (2) (a) of the Act, if no result is reached under subregulation (2) or (3), the resolution is not carried.
(5) In this regulation
"creditor" includes a debenture holder.
AustLII: Copyright Policy
| Disclaimers
| Privacy Policy
| Feedback