Document ID: chunk:federal_register_of_legislation:C2004A02825:body:0:p87
Version: federal_register_of_legislation:C2004A02825
Segment Type: other
Provision Reference: 
Character Range: 214449–217136

the Commission notice in the prescribed form of the change.
"(2) A person shall—
     (a) within 7 days after his resignation or removal from office as official manager of a company, lodge with the Commission notice in the prescribed form of his resignation or removal; and
     (b) within 21 days after his resignation or removal from office as official manager of a company, cause notice of his resignation or removal to be published in the Gazette".

Effect of resolution
105. Section 341 of the Principal Act is amended by omitting from sub-section (2) "of the company and its creditors" and substituting "of the creditors and members of the company".

Six-monthly meetings of creditors and members
106. Section 342 of the Principal Act is amended by inserting after sub-section (6) the following sub-section:
"(6a) Where a quorum is not present at a meeting convened in accordance with sub-section (1), the official manager shall, within 7 days after the day for which the meeting was convened or, if the meeting was adjourned and no quorum is present at the adjourned meeting, within 7 days after the day to which the meeting was adjourned, lodge with the Commission—
     (a) a notice stating—
          (i) that the meeting was duly convened and that no quorum was present; or
          (ii) that the meeting was duly convened and adjourned and that no quorum was present at the adjourned meeting,
      as the case requires; and
     (b) a copy of the statement and a copy of the report prepared in accordance with paragraph (1) (a).".

Circumstances in which company may be wound up by Court
107. Section 364 of the Principal Act is amended by inserting after paragraph (1) (f) the following paragraphs:
     "(fa) affairs of the company are being conducted in a manner that is oppressive or unfairly prejudicial to, or unfairly discriminatory against, a member or members or in a manner that is contrary to the interests of the members as a whole;
     (fb) an act or omission, or a proposed act or omission, by or on behalf of the company, or a resolution, or a proposed resolution, of a class of members of the company, was or would be oppressive or unfairly prejudicial to, or unfairly discriminatory against, a member or members or was or would be contrary to the interests of the members as a whole;".

Repeal of section 380
108. Section 380 of the Principal Act is repealed.

Final meeting and dissolution
109. Section 411 of the Principal Act is amended—
     (a) by omitting from sub-section (1) "the company and the creditors" and substituting "the creditors and members of the company"; and
     (b) by omitting from sub-section (4) "company and of the creditors, 2