Commonwealth Numbered Acts

COMPANIES ACT 1981 No. 89 of 1981 - SECT 157

157. (1) The trustee for the holders of debentures may apply to the Court-

   (a)  for directions in relation to any matter arising in connection with
        the performance of the functions of the trustee; or

   (b)  to determine any question in relation to the interests of the holders
        of debentures, and the Court may-

   (c)  give such directions to the trustee as the Court deems fit; and

   (d)  if satisfied that the determination of the question will be just and
        beneficial-accede wholly or partially to the application on such terms
        and conditions as the Court thinks fit or make such other order on the
        application as the Court thinks just.

(2) The Court may, on an application under this section, order a meeting of
all or any of the holders of debentures to be convened to consider any matters
in which they are concerned and to advise the trustee on those matters and may
give such ancillary or consequential directions as the Court thinks fit.

(3) The meeting shall be held and conducted in such manner as the Court
directs, under the chairmanship of a person nominated by the trustee or, if
the trustee does not nominate a person to be the chairman, under the
chairmanship of such other person as is appointed for that purpose by the
holders of debentures present at the meeting.