Commonwealth Consolidated Acts

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Exceptional circumstances--AGM

             (1)  A public company is taken to comply with subsections 250N(1) and (2) in relation to an AGM if:

                     (a)  the company is in a class of companies specified in a determination under subsection (2); and

                     (b)  the company holds the AGM within the period of extension specified in the determination.

             (2)  ASIC may, by legislative instrument, make a determination specifying a class of public companies, if ASIC considers that it may be unreasonable to expect the companies in the specified class to hold AGMs within the time required under section 250N because of a situation that is beyond the control of those companies.

             (3)  The determination must specify a period of extension of that time.

             (4)  The determination may be subject to specified conditions applying to public companies in the specified class. A company to which a condition specified in the determination applies must comply with the condition. The Court may order the company to comply with the condition in a specified way.

             (5)  Unless revoked earlier, the determination is repealed at the end of 12 months after the day on which it commences.

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