CORPORATIONS REGULATIONS 1990 (REPEALED)

CHAPTER 5 - EXTERNAL ADMINISTRATION  

PART 5.6 - WINDING UP GENERALLY  

REGULATION 5.6.21   CARRYING OF RESOLUTIONS AFTER A POLL HAS BEEN DEMANDED AT A MEETING OF CREDITORS  

5.6.21(1)    
This regulation applies to a poll taken at a meeting of creditors.

5.6.21(2)    
A resolution is carried if:

(a) a majority of the creditors voting (whether in person, by attorney or by proxy) vote in favour of the resolution; and

(b) the value of the debts owed by the corporation to those voting in favour of the resolution is more than half the total debts owed to all the creditors voting (whether in person, by proxy or by attorney).

5.6.21(3)    
A resolution is not carried if:

(a) a majority of creditors voting (whether in person, by proxy or by attorney) vote against the resolution; and

(b) the value of the debts owed by the corporation to those voting against the resolution is more than half the total debts owed to all creditors voting (whether in person, by proxy or by attorney).

5.6.21(4)    
If no result is reached under subregulation (2) or (3), then:

(a) the person presiding at the meeting may exercise a casting vote in favour of the resolution, in which case the resolution is carried; or

(b) the person presiding at the meeting may exercise a casting vote against the resolution, in which case the resolution is not carried.

5.6.21(5)    
In this regulation, creditor includes a debenture holder.