Document ID: chunk:federal_register_of_legislation:F2022C01140:body:0:p46
Version: federal_register_of_legislation:F2022C01140
Segment Type: other
Provision Reference: 
Character Range: 126214–129159

not passed.

        (5) If no result is reached under subsection (2) or (3) and the resolution relates to remuneration or the removal of an external administrator of a company that is a member of the pooled group, the resolution is not passed.

        (6) If no result is reached under subsection (2) or (3), the person presiding at the meeting must:
           (a) inform the meeting of the person's reasons for exercising, or not exercising, as the case may be, a casting vote under subsection (4); and
           (b) include those reasons in the minutes of the meeting.

       75‑195  Directions to external administrator to convene a meeting—when reasonable and not reasonable

        (1) This section:
           (a) is made for the purposes of subsection 80‑27(3) of the Insolvency Practice Schedule (Corporations); and
           (b) applies instead of section 75‑250 in relation to directions to convene a meeting of the members of a pooled group.

       Unreasonable directions

        (2) A direction to the external administrator of a company to convene a meeting of the members of a pooled group under section 80‑26 of the Insolvency Practice Schedule (Corporations) is not reasonable if the external administrator, acting in good faith, is of the opinion that:
           (a) complying with the direction would substantially prejudice the interests of one or more creditors or a third party and that prejudice outweighs the benefits of complying with the direction; or
           (b) there is not sufficient available property to comply with the direction; or
           (c) a meeting of the members of the pooled group dealing with the same matters covered by the direction has already been held, or would be held within 15 business days after the direction is made; or
           (d) the direction for the meeting is vexatious.

        (3) Without limiting paragraph (2)(d), a direction may be taken to be vexatious if it is given within 20 business days after a similar direction was given.

       Reasonable directions

        (4) A direction to the external administrator to convene a meeting of the members of a pooled group under section 80‑26 of the Insolvency Practice Schedule (Corporations) is reasonable if subsection (2) does not apply to the direction.

        (5) Despite paragraph (2)(b) or (c), a direction to the external administrator of a company to convene a meeting is also reasonable if:
           (a) the person or body giving the direction agrees to bear the cost of complying with the direction; and
           (b) if required to do so by the external administrator—security for the cost of complying with the direction is given to the external administrator before the meeting is convened.

       75‑200  Notice requirements for unreasonable directions
 (1) This section is made for the purposes of section 80‑27(3) of the Insolvency Practice Schedule (Corporations) and applies instead of