[COM 317] Trustee’s power to call meeting317 

317

(1) If the borrower or a guarantor fails to remedy any breach of the terms of the debentures or provisions of the trust deed or this Part when required by the trustee, the trustee may—

• (a)call a meeting of debenture holders;
• (b)inform the debenture holders of the failure at the meeting;
• (c)submit proposals for protection of the debenture holders’ interests to the meeting; and
• (d)ask for directions from the debenture holders in relation to the matter.

(2) The trustee may appoint a person to chair a meeting of debenture holders called under subsection (1), and if the trustee does not exercise this power, the debenture holders present at the meeting may appoint a person to chair the meeting.