The request has to be in writing, include the applicable resolution, be signed by all members making the request and be given to the company.Directors must call the meeting within 21 says after the request is given and the meeting must be held no later than 2 months afterwards.To be clear, this mechanism can be used for occasions other than when shareholders want to remove underperforming board members.Although it is not a requirement under the act, shareholders seeking to remove an underperforming board or individual members should have replacements in mind.This is especially the case in respect of smaller companies with smaller boards.This is because they may be vulnerable to being suspended from trade for having less than the required number of directors (3 under the Corporations Act and ASX Listing Rules).
MGU Price at posting:
2.4¢ Sentiment: None Disclosure: Held
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