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to temporarily change the law and override provisions in a company’s constitution. custome name iowa hawkeyes football team christmas ugly sweater This paves the way for companies to continue to engage with their shareholders

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ASIC’s guidance notes that ASIC doesn’t have the power to modify the relevant provisions of the Corporations Act, and so isn’t in a position to negate the requirement custome name iowa hawkeyes football team christmas ugly sweater to hold a meeting or provide class order relief to avoid needing to apply for an exemption on a case-by-case basis. However, ASIC has adopted a two-month period of ‘no objection’ for certain entities that delay their AGMs.The Treasurer’s modification of the Corporation Act only considers the manner in which a meeting may be held, not the timing of the meeting, so isn’t strictly relevant. However, companies, including those that fall outside of the class of companies to which ASIC’s guidance applies, may feel that the acute need to delay a meeting may no longer be required, given the modification

takes away the legal uncertainty that a meeting can be held virtually in the current circumstances. ASIC’s assessment is guided by judicial principles that the obligation to hold an AGM ‘should be relaxed only for good cause shown’. In the current environment, we expect ASIC will consider each application on a case-by-case basis, having regard to matters including timing, travel restrictions, the recommendations being made by other government agencies, and the availability of technology . However, given the uncertainty surrounding the likely duration of the COVID-19 outbreak, delaying the meeting may not be the best option. In response to the issue, the Treasurer has used his emergency powers to temporarily modify the Corporations Act to facilitate the holding of shareholder meetings without any attendees being physically present in the same place. The modifications, which are valid up to November 2020, go further than the guidance previously provided by ASIC