6. Procedure for convening of the meeting

(1) If the external manager decides to convene a meeting to consider the possibility of the responsible insurer executing a deed of arrangement proposed by the external manager, the external manager must:

1. give notice to APRA at the same time that the manager gives notice to the creditors; and
2. give written notice of the meeting to as many of the creditors as reasonably practicable; and
3. cause notice of the meeting to be published:

(i) in a national newspaper; or

(ii) in each jurisdiction in which the business of the fund is carried on – in a daily newspaper that circulates generally in that jurisdiction;

at least 14 business days before the meeting.

(2) The notice given to creditors and APRA under subrule (1) must be accompanied by:

1. a report by the external manager about the business, property, affairs and financial circumstances of the fund; and
2. a statement setting out details of the proposed deed of arrangement; and
3. a statement setting out the external manager’s opinion as to why it would be in the interests of the creditors of the fund for the responsible insurer to execute such a deed of arrangement.

(3) If:

1. telephone or electronic conference facilities are expected to be available at the place where the meeting is to be held; and
2. the external manager considers that, having regard to all the circumstances, it will be appropriate to use those facilities, the notice of the meeting must:

(i) set out the relevant telephone number; and

(ii) indicate that a person, or the proxy of a person, who wishes to participate in the meeting by telephone must give to the external manager, not later than the second-last working day before the day on which the meeting is to be held, a written statement setting out:

(A) the name of the person and of the proxy (if any); and

(B) an address to which notices to the person or proxy may be sent; and

(C) a telephone number at which the person or proxy may be contacted; and

(D) a facsimile transmission number (if any) to which notices to the person or proxy may be sent; and

(E) that a person, or the proxy of a person, who participates in the meeting by telephone must pay any costs incurred by the person or proxy in participating and is not entitled to be reimbursed for those costs from the assets of the fund.