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32.—(1) Where the special PPP administrator summons a meeting of members of the PPP company, he shall fix a venue for it having regard to their convenience.
(2) The chairman of the meeting shall be the special PPP administrator or a person nominated by him in writing to act in his place.
(3) A person so nominated must be either—
(a)one who is qualified to act as an insolvency practitioner in relation to the PPP company; or
(b)an employee of the special PPP administrator or his firm who is experienced in insolvency matters.
(4) If within 30 minutes from the time fixed for commencement of the meeting there is no person present to act as chairman, the meeting shall stand adjourned to the same time and place in the following week or, if that day is not a business day, to the business day immediately following.
(5) Subject to the above, the meeting shall be summoned and conducted as if it were a general meeting of the PPP company summoned under the company’s articles of association, and in accordance with the applicable provisions of the 1985 Act or the 2006 Act(1).
(6) The chairman of the meeting shall cause minutes of its proceedings to be entered in the PPP company’s minute book.
Schedule 3 to S.I. 2007/2194 contains transitional provisions and savings relating to provisions (and repeals) in the 2006 Act which are brought into force by that Order. These include provisions and savings relating to company meetings.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
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