Members' (shareholders') resolution.

If shareholders do not want to be limited to the voting options presented by Directors at least 100 members must give notice of a resolution as outlined below. I am not currently a shareholder although I once was.

The logistical challenges are :

1.Agreeing the wording of a resolution by 100 members.
2.Retaining evidence that 100 shareholders that are entitled to vote support proposal of the motion. This will require copies of emails and evidence of shareholding that the company can confirm - perhaps HIN number.
3.There being someone prepared to lead, formulate the proposal, write and sign the proposal and lodge with the company.


CORPORATIONS ACT 2001 - SECT 249N
Members' resolutions
(1) The following members may give a company notice of a resolution that they propose to move at a general meeting:
(a) members with at least 5% of the votes that may be cast on the resolution; or
(b) at least 100 members who are entitled to vote at a general meeting.
(1A) The regulations may prescribe a different number of members for the purposes of the application of paragraph (1)(b) to:
(a) a particular company; or
(b) a particular class of company.
Without limiting this, the regulations may specify the number as a percentage of the total number of members of the company.
(2) The notice must:
(a) be in writing; and:
(b) set out the wording of the proposed resolution; and
(c) be signed by the members proposing to move the resolution.
(3) Separate copies of a document setting out the notice may be used for signing by members if the wording of the notice is identical in each copy.
(4) The percentage of votes that members have is to be worked out as at the midnight before the members give the notice.