"Corporations Act 2001 ss 250U-250W two-strikes remuneration spill process"
Corporations Act 2001 (Cth) ss 250U-250W create the listed-company two-strikes process: if consecutive remuneration-report adoption votes receive at least 25% against votes, a spill resolution must be put, and if passed the spill meeting must be held within 90 days.
This is a human-established fact, not a universal axiom. It is true within CTH as enacted by Federal Register of Legislation.
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Answer
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Corporations Act 2001 (Cth) ss 250U-250W set the listed-company two-strikes remuneration report spill process. Division 9 applies if at least 25% of votes cast on remuneration report adoption are against adoption at both the later AGM and the immediately preceding AGM, and no spill resolution was put at the earlier AGM under an earlier s 250V application. At the later AGM a spill resolution must be put to hold another members meeting within 90 days, at which relevant directors cease to hold office immediately before the end of the spill meeting and resolutions to fill those offices are put. If the spill resolution is passed, the company must hold the spill meeting within 90 days, subject to stated exceptions, and failure to do so can be a strict liability offence for directors. Official source checked: Federal Register of Legislation, Corporations Act 2001 current text, ss 250U-250W. Dogfood note: Source search for the two-strikes spill process did not surface native Corporations Act rows for ss 250U-250W; it returned adjacent proposed meeting topics and unrelated CCA rows.
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