Commonwealth Consolidated Acts

CORPORATIONS ACT 2001 - SECT 283EB

Trustee may call meeting in event of breach

  (1)   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:

  (a)   call a meeting of debenture holders; and

  (b)   inform the debenture holders of the failure at the meeting; and

  (c)   submit proposals for protection of the debenture holders' interests to the meeting; and

  (d)   ask for directions from the debenture holders in relation to the matter.

Trustee may appoint person to chair meeting

  (2)   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.