201Q

Requirements for explanatory statement to members

In force

The statement accompanying the notice of a general meeting stating an intention to propose the board limit resolution must be in writing and set out clearly, concisely and effectively:

(a)

the directors’ reasons for proposing the board limit resolution; and

(b)

all other information that:

(i)

is reasonably required by members in order to decide whether or not it is in the company’s interests to pass the proposed board limit resolution; and

(ii)

is known to the company or to any of its directors.

Note:

Section 1309 creates offences where false and misleading material relating to a corporation’s affairs is made available or furnished to members.

This Act’s bill:Explanatory memorandum Second reading speech

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