Article 63 - Requisition of Meetings of Members
(1) Notwithstanding anything in its articles of association, the directors of an Investment Club must, on requisition by any one or more Member holding the requisite Shares, proceed to call a special general meeting or as the case may be a meeting of any class of Members of the Investment Club to be held as soon as practicable, but in any case not later than 90 days after the date of requisition.
(2) For the purposes of Article 63(1) the "requisite Shares" means not less than 10 percent in nominal value of the Shares which at the date of the requisition carry the right to vote at the meeting requisitioned.
(3) The requisition must state the objects of the meeting and must be signed by the requisitionists and be deposited at the registered office of the Investment Club marked for the attention of the directors. The requisition may consist of several Documents in like form signed by one or more requisitionists.
(4) If the directors do not, within 21 days from the date of the deposit of the requisition proceed duly to convene a meeting, the requisitionists, or any of them representing more than 50 percent of the total voting rights of all of them, may themselves convene a meeting, but any meeting so convened must not be held after the expiration of 90 days from the said date.
(5) A meeting convened under this Article 63 must be convened in the same manner, or as nearly as possible, as that in which meetings are to be convened by directors.
(6) Any reasonable expenses incurred by the requisitionists by reason of the failure of the directors to convene a meeting must be repaid to the requisitionists by the Investment Club, and any sum so repaid must be retained by the Investment Club out of any sums due or to become due from the Investment Club by way of fees or other remuneration in respect of their services to such directors as were in default.
|Derived (as from 20th December 2016).|