The Association of Financial Advisers (AFA) has reviewed the 230 forms received calling for an Extraordinary General Meeting (EGM) and has found that over 100 of the forms are invalid.
In meeting the requirements of the Corporations Act, the AFA found a high proportion of the forms could not be accepted for the following reasons:
- A number of the forms submitted were duplicates (50)
- A number of forms were provided by non-members of the AFA (25)
- A number of forms cannot be verified as the member is incorrectly identified (28)
The AFA has notified Mr Mark Dunsford who provided the forms calling for the EGM that less than 5% of the voting members of the AFA are represented and accordingly the AFA cannot take his special resolution to change the AFA Constitution to the membership as yet.
AFA National President Deborah Kent said the the Board appreciates the right of members to call an EGM and within the confines of good governance under the Corporations Act and will facilitate the putting of the resolution if and when the requisite 5% of voting members is reached.
The AFA is telephoning 24 members where forms have been received in their name but the details provided are insufficient to identify whether the member completed the form. The AFA will help them complete the form if that was their intention.
