auDA is a public company limited by guarantee, and falls within the definition of 'public company' under the Corporations Act 2001. A public company need not be *listed* to fall within the definition of 'public company', except in some limited circumstances. Craig Ng Partner Maddocks t +613 9288 0523 f +613 9288 0666 e craig.ng§maddocks.com.au >>> "auda§todd.inoz.com" 8/07/02 10:50:26 pm >>> >"CORPORATIONS ACT 2001 SECT 203E >203E Director cannot be removed by other directors--public companies >A resolution, request or notice of any or all of the directors of a public >company is void to the extent that it purports to: However, if I recall correctly, this section refers to a PUBLIC LISTED company, not a LIMITED company. To be technically correct, a Non-Profit (or not-for-profit whatever) Limited company is NOT a public company. A Public company is defined in the Act (last time I looked some 12+ months re TIO case) as a company listed on the Stock Exchange with Shares being sold in public. It did NOT include Limited UNLISTED companies. So it's just an example of rather badly constructed legislation yet again with a loop hole in it. At any rate, lets go with your point above. Why then are the Directors who are concerned (are there any?) about this recursive bad practise of self indulgence not asking a NON Director Member to raise the point formally? Or is the reality the fact that Non Director Members and Directors all have a financial gain to be made form the current board structure? In which case, there is clearly a Trade Practices and Corporations law breach here that needs to be drawn to the attention of the ACCC and ASIC. One might almost use the phrase "insider trading" but it's not a publicly listed company that makes a profit to return to shareholders. It's just a Limited company that allows it's Directors to make a profit externally. >--------------------------------------------------------------------------- >List policy, unsubscribing and archives => http://www.auda.org.au/list/dns/ >Please do not retransmit articles on this list without permission of the >author, further information at the above URL. (331 subscribers.) --------------------------------------------------------------------------- List policy, unsubscribing and archives => http://www.auda.org.au/list/dns/ Please do not retransmit articles on this list without permission of the author, further information at the above URL. (331 subscribers.) ------------------------------------------------------- Craig Ng Maddocks Tel: (03) 92880555 International: +61 3 92880555 Fax: (03) 92880666 International: +61 3 92880666 Web: http://www.maddocks.com.au ------------------------------------------------------- The information in this electronic mail is privileged and confidential, intended only for use of the individual or entity named. If you are not the intended recipient, any dissemination, copying or use of the information is strictly prohibited. If you have received this transmission in error please delete it immediately from your system and inform us by email on info§maddocks.com.au. -------------------------------------------------------Received on Fri Oct 03 2003 - 00:00:00 UTC
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