Document ID: chunk:federal_register_of_legislation:C2004C01070:clause:1_260kb
Version: federal_register_of_legislation:C2004C01070
Segment Type: clause
Provision Reference: sch 1 cl 260KB
Character Range: 146173–147023

260KB  Trustee's power to call meeting

Trustee may call meeting in event of breach

 (1) If the borrower or a guarantor fails to remedy any breach of the terms of the debentures or provisions of the trust deed or this Chapter when required by the trustee, the trustee may:
 (a) call a meeting of debenture holders; and
 (b) inform the debenture holders of the failure at the meeting; and
 (c) submit proposals for protection of the debenture holders' interests to the meeting; and
 (d) ask for directions from the debenture holders in relation to the matter.

Trustee may appoint person to chair meeting

 (2) The trustee may appoint a person to chair a meeting of debenture holders called under subsection (1). If the trustee does not exercise this power, the debenture holders present at the meeting may appoint a person to chair the meeting.