New South Wales Consolidated Acts

LOAN FUND COMPANIES ACT 1976 - SECT 61

61 Holding of meeting for appointment of directors

(1) The Supervisor may, at any time while an administrator of a loan fund company is holding office as such, give to the administrator a direction requiring the administrator to call a general meeting of the company for the purpose of appointing new directors of the company.

(2) Where a direction has been given under subsection (1) to the administrator of a loan fund company, the administrator shall call a meeting of the company by notice in writing given not less than 14 days before the meeting or, where the articles of association of the company provide for more than 14 days’ notice for the calling of extraordinary general meetings, by notice in writing given as if the meeting were an extraordinary general meeting.

(3) A meeting called under subsection (2) shall, notwithstanding that it is called by notice shorter than is required by that subsection, be deemed to be duly called if it is so agreed by a majority in number of the persons having a right to attend and vote at meetings of the loan fund company.

(4) So far as the articles of association of the loan fund company do not make other provision in that behalf, notice of a meeting called under subsection (2) shall be served on every person having a right to vote at general meetings of the company in the manner in which notices are required to be served by Table A in Schedule 3 to the Companies (New South Wales) Code .

(5) The accidental omission to give notice of a meeting called under subsection (2) to, or the non-receipt of notice of a meeting by, any person shall not invalidate proceedings at the meeting.

(6) The persons present at a meeting called under subsection (2) and having a right to vote at that meeting shall appoint directors of the loan fund company and immediately at the conclusion of that meeting the appointment of the administrator shall cease and the directors so appointed shall take office.