The Corporations Legislation Amendment (Deregulatory and Other Measures) Bill 2014 has been passed by both houses of Parliament and is awaiting Assent.

Amongst other things, Subsection 249D(1) is amended to remove the right of 100 members entitled to vote to request directors of a company to hold a general meeting.

Only members with a total of five per cent of voting shares who are entitled to vote at the annual general meeting of a company may request that directors hold a general meeting.

Previously Members with a total of five per cent of voting shares or 100 members entitled to vote at the annual general meeting of a company could request that directors hold a general meeting.

One hundred shareholders continue to be able to put a resolution on the agenda of general meetings and circulate material to other members at the expense of the company.