Blue Belle Pty Ltd has six shareholders including Adriano who owns 15% of the voting shares. Blue belle Pty Ltd has no constitution and relies on the replaceable rules. Adriano calls a meeting of members under section 249F of the Corporations Act. While he complied with all the notice requirements, none of the other shareholders attend the meeting. Adriano can validly conduct business at the meeting because 15% of the voting shares are present at the meeting (i.e. the 15% owned by Adriano). Section 249F provides that the minimum amount of voting shares needed to be presented before conducting business is 10%

Question

Quizplus · Accepted Answer

Section 249F of the Corporations Act allows a member or members with at least 5% of the votes to call a meeting, but the quorum requirements for conducting the meeting are governed by section 249T, which typically requires at least two members to be present unless the company's constitution states otherwise. Since Adriano is the only one present, the quorum requirement is not met based on the standard replaceable rules.

Blue Belle Pty Ltd Has Six Shareholders Including Adriano Who