THE CORPORATIONS LAW
PART 13 - THE CORPORATIONS LAW
THE CORPORATIONS LAW 82 The Corporations Law is as follows:...
CHAPTER 5 - EXTERNAL ADMINISTRATION
PART 5.6 - WINDING UP GENERALLY
Division 5 - Committees of inspection
SECTION 550 VACANCIES ON COMMITTEE OF INSPECTION 550(1) [Resignation] A member of a committee may resign by notice in writing signed by the member and delivered to the liquidator. 550(2) [Automatic vacancy] If a member of a committee: (a) becomes an insolvent under administration; or (b) is absent from 5 consecutive meetings of the committee without the leave of those members who together with himself or herself represent the creditors or contributories, as the case may be; his or her office becomes vacant. 550(3) [Removal] A member of the committee who represents creditors may be removed by a resolution at a meeting of creditors of which 7 days' notice has been given stating the object of the meeting, and a member of the committee who represents contributories may be removed by a resolution at a meeting of contributories of which such notice has been given. 550(4) [Filling vacancy caused by removal] A meeting referred to in subsection (3) may appoint a person to fill a vacancy caused by the removal of a member of the committee. 550(5) [Filling other vacancies] A vacancy in the committee may be filled by the appointment of a person by a resolution at a meeting of the creditors or of the contributories, as the case may be, of which 7 days' notice has been given. 550(6) [Appointment by committee] A vacancy in the committee that is not filled as provided by subsection (4) or (5) may be filled by the appointment of a person by the committee and a person so appointed represents the creditors, or the contributories, as the case may be. 550(7) [Powers of continuing members] Notwithstanding a vacancy in the committee, the continuing members of the committee may act provided they are not less than 2 in number.This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.