[COM 344] Members’ statements to be distributed344 

344

(1) Members may request a manager to give to all its members a statement provided by the members making the request about—

• (a)a resolution that is proposed to be moved at a meeting of the scheme’s members; or
• (b)any other matter that may be properly considered at a meeting of the scheme’s members.

(2) The request must be made by members with at least 10% of the votes that may be cast on the resolution.

(3) The request must be—

• (a)in writing;
• (b)signed by the members making the request; and
• (c)given to the manager.

(4) Separate copies of a document setting out the request may be used for signing by members if the wording of the request is identical in each copy.

(5) The percentage of votes that members have is to be worked out as at the midnight before the request is given to the manager.

(6) After receiving the request, the manager must distribute to all its members a copy of the statement at the same time, or as soon as practicable afterwards, and in the same way, as it gives notice of a meeting of the scheme’s members.

(7) The manager is responsible for the cost of making the distribution if the manager receives the statement in time to send it out to members with the notice of meeting.

(8) The members making the request are jointly and individually liable for the expenses reasonably incurred by the manager in making the distribution if the manager does not receive the statement in time to send it out with the notice of meeting.

(9) At a meeting of the scheme’s members, the manager may resolve to meet the expenses itself out of the scheme’s assets.

(10) The company need not comply with the request—

• (a)if the statement is more than 1,000 words long or defamatory; or
• (b)if the members making the request are responsible for the expenses of the distribution, unless the members give the company a sum reasonably sufficient to meet the expenses that it will reasonably incur in making the distribution.