Section 239AY — Companies Act 1993: Court may order that pooled property owners are separate class

239AY Court may order that pooled property owners are separate class (1) On the application of the administrator, the Court may order that, for the limited purposes of this section only, pooled property owners are a separate class. (2) In this section— pooled property owners means all the owners or lessors of property that is pooled in a single enterprise forming part of the business of a company in administration requisite majority means a majority in number representing 75% in value of the pooled property owners voting in person or by proxy vote or by postal vote resolution means a resolution that the company in administration execute the deed of company arrangement specified in the resolution. (3) Each pooled property owner is bound by the deed of company arrangement as if that person had voted in favour of the resolution at the watershed meeting if— (a) the Court has ordered that the pooled property owners are a separate class; and (b) at the watershed meeting the creditors (including the pooled property owners) approved the resolution; and (c) the requisite majority of the pooled property owners were included in the creditors who voted in favour of the resolution. (4) It is not necessary that a separate meeting of the pooled property owners be held for the purpose of voting on the resolution. (5) Subsection (3) applies no matter what sections 239ACS and 239ACT say. Section 239AY: inserted, on 1 November 2007, by section 6 of the Companies Amendment Act 2006 (2006 No 56).