Section 250V — Corporations Act 2001: Resolution to hold fresh elections for directors at special meeting to be put to vote at AGM

(1) At the later AGM, there must be put to the vote a resolution (the spill resolution) that: (a) another meeting (the spill meeting) of the company’s members be held within 90 days; and (b) all the company’s directors who: (i) were directors of the company when the resolution to make the directors’ report considered at the later AGM was passed; and (ii) are not a managing director of the company who may, in accordance with the listing rules for a declared financial market in whose official list the company is included, continue to hold office indefinitely without being re-elected to the office; cease to hold office immediately before the end of the spill meeting; and (c) resolutions to appoint persons to offices that will be vacated immediately before the end of the spill meeting be put to the vote at the spill meeting. (2) Subsections 250R(4), (5), (6), (7), (8), (9) and (10), and other provisions of this Act so far as they relate to any of those subsections, apply in relation to the spill resolution in the same way as they apply in relation to a resolution that a remuneration report be adopted. (3) To avoid doubt, section 203D does not apply in relation to the spill resolution.