AFA finds requests for EGM invalid
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.
Viridian vows independence after Westpac exit
Viridian Financial Group has vowed to maintain its independence from Westpac, wi...
CBA could retain advice business: Morningstar
A longer-term revision of the merits behind the Commonwealth Bank’s demerger o...
Class action against former AFSL finishes
Around $1.5 million has been paid to about 200 investors in one of multiple clas...