Commonwealth Consolidated Acts

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Requirements for explanatory statement to members

                   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.

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