s 86 Duty of borrower to call a meeting
(1) A borrower shall call a meeting of debenture holders if— (a) debenture holders who together hold ten per cent or more of the nominal value of the issued debentures to which the trust deed relates direct the borrower to do so; (b) the direction is given to the borrower in writing at its registered office; and (c) the purpose of the meeting is to— (i) consider the financial statements or annual audited accounts that were last delivered to the trustee under section 78 or 81; (ii) give the trustee such directions as the meeting thinks proper; or (iii) consider any other matter in relation to the trust deed. (2) Where a borrower is required to call a meeting, it must give notice of the time and place of the meeting to— (a) the trustee; (b) the borrower’s auditor; and (c) any debenture holder whose name is entered on the register of debenture holders or record of depositors, as the case may be, in accordance with the provisions of subsections (3) and (4). (3) For the purpose of subsection (2), notice to joint holders of a debenture must be given to the joint holder named first in the register of debenture holders or record of depositors, as the case may be. (4) A borrower may give notice to a debenture holder— (a) personally; (b) by sending it by post to the address of the debenture holder in the register of debenture holders; or (c) by any other means that the terms, provisions or covenants of the debenture or the trust deed permit. (5) A notice of meeting posted to a debenture holder shall be taken as being given three days after it is posted, unless the terms, provisions or covenants of the debenture or the trust deed provide otherwise. (6) A trustee may appoint a person to chair a meeting of debenture holders called under subsection (1) and where the trustee does not exercise this power, the debenture holders present at the meeting may appoint a person to chair the meeting. (7) A borrower who contravenes subsection (1) or (2) shall be guilty of an offence.