The AFA has found that a significant proportion of the forms it received requesting for an extraordinary general meeting are invalid.
The AFA says more than 100 of the 230 forms it received could not be accepted for a range of reasons, pushing the number of valid forms below the 5 per cent threshold required to request an EGM.
Fifty of the forms were duplicates, 25 forms were provided by non-members of the AFA and 28 forms could not be verified as it incorrectly identified the member.
“The AFA has notified Mr Mark Dunsford who provided the forms calling for the EGM that less than 5 per cent of the voting members of the AFA are represented and, accordingly, the AFA cannot take his special resolution to change the AFA constitution to the membership as yet,” the association said in a statement.
“The AFA is telephoning 24 members where forms have been received in their name but the details provided are insufficient to identify whether the member completed the form.
“The AFA will help them complete the form if that was their intention.”
AFA national president Deborah Kent said the board appreciates the right of members to call an EGM within the confines of good governance under the Corporations Act and will facilitate a resolution if and when the requisite 5 per cent of voting members is reached.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 15 Aug 2018CFS ‘retained’ adviser commissions: RCBy Killian Plastow and Tim Stewart
- 15 Aug 2018Suncorp urged advisers to maintain commissionsBy Jessica Yun
- 15 Aug 2018Hostplus spent $260,000 on tennis ticketsBy Tim Stewart
- 14 Aug 2018RC challenges NAB on ASIC interactionsBy Killian Plastow
- 14 Aug 2018Judgement issued in DomaCom SMSF appealBy Miranda Brownlee
- 14 Aug 2018Hub24 agrees to distribute Challenger annuitiesBy Reporter
- view all