Trustee’s power to call meeting
283EB Trustee’s power to call meeting
Trustee may call meeting in event of breach
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:
call a meeting of debenture holders; and
inform the debenture holders of the failure at the meeting; and
submit proposals for protection of the debenture holders’ interests to the meeting; and
ask for directions from the debenture holders in relation to the matter.
Trustee may appoint person to chair meeting
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.
This Act’s bill:Explanatory memorandumSecond reading speech
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