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Corporations Act has been changed – Virtual and Hybrid AGM’s

Yesterday the Corporations Amendment (Meetings and Documents) Bill 2021 was passed. The amendment was to establish a permanent mechanism to allow companies and registered schemes to hold hybrid meetings and use technology to execute, sign and share company and meeting related documents.

The changes were welcomed to suit and meet the requirements of the current landscape, it reflects the continued constraints with meeting in person across the country. This is an excellent time for Associations to review their Constitution to ensure it is fit for purpose.

Nell Harrison, Managing Director, TAS

The Bill provides for permanent amendments to the Corporations Act 2001 (Cth) in relation to:

  • Execution of documents – New provisions to allow corporate documents to be signed electronically and allowed for a split execution of signed documents.
  • Sending notices electronically.
  • Holding on-line meetings – (noting that there may be a requirement for some Associations to amend their Constitution)

The Act will commence on the later of the day after the Bill receives Royal Assent and 1 April 2022 (when the temporary COVID relief regulations expire).

TAS will continue to keep our clients updated of these latest changes and will provide further up to date and relevant information where appropriate.