Financial Intermediaries Act 1996

For this Act, a special resolution is a resolution passed by a majority of not less than two-thirds of the members who, being entitled to vote—

in any case—are present personally at a meeting at which a motion for the passing of the resolution is moved and vote on the resolution; or

for a merger or transfer of engagements under part 9—vote on the resolution by a postal ballot conducted—

under the society’s rules; or

under a regulation; or

in a way approved by the registrar.

For a special resolution passed at a meeting, unless a poll is demanded, a declaration by the person presiding at the meeting that a resolution has been carried by a stated majority is evidence of the fact.

Written notice of a proposed special resolution, stating its terms, must be given personally or by post to each member of the society who is entitled to vote on the resolution at least 21 days before the date of the meeting or close of the postal ballot.

However, if a society’s rules so provide, notice of a proposed special resolution, stating its terms, may be given to the members of the society entitled to vote on the resolution by advertisement published in a newspaper circulating generally in the area of the State in which the society operates.

A purported special resolution for which notice has not been given under subsection (3) or (4) is of no effect.

However, the failure by a member to receive notice of a proposed special resolution does not invalidate the passing of the resolution.

This section applies only to the matters required by this Act or a society’s rules to be passed or approved by a special resolution.