CORPORATIONS ACT 2001 - SECT 249D Calling of general meeting by...

CORPORATIONS ACT 2001 - SECT 249D Calling of general meeting by directors when requested by members,

Calling of general meeting by directors when requested by members:-

(1) The directors of a company must call and arrange to hold a general meeting on the request of members with at least 5% of the votes that may be cast at the general meeting.

(2) The request must: (a) be in writing; and (b) state any resolution to be proposed at the meeting; and (c) be signed by the members making the request; and (d) be given to the company.

(3) Separate copies of a document setting out the request may be used for signing by members if the wording of the request is identical in each copy.

(4) The percentage of votes that members have is to be worked out as at the midnight before the request is given to the company.

(5) The directors must call the meeting within 21 days after the request is given to the company. The meeting is to be held not later than 2 months after the request is given to the company.

Total shares on issue = 796,635,677
5% of shares = 39,831,783 shares

Surely HC members could rake up 39.8m shares to call an extraordinary meeting to put the directors on the spot about their non performance over many years, and the destruction of shareholders value.