Section 5: Meetings on request

5. Meetings on request (1) A borrowing company shall, on the written request of the debenture holders’ representative or on that of persons holding not less than one tenth in nominal value of the issued debentures to which the agency deed relates, summon a meeting of the holders of those debentures for the purpose of— (a) considering the accounts and balance sheet of the company for its last preceding financial year; and (b) giving directions to the debenture holders’ representative in relation to the exercise of his powers. (2) (a) Every meeting under subparagraph (1) shall be summoned by sending a notice by post, specifying the time and place of the meeting, to every holder of the debentures at his last known address not later than 14 days before the date of the proposed meeting. (b) The meeting shall be held under the chairmanship of a person nominated by the debenture holders’ representative, or such other person as may be appointed in that behalf by the debenture holders present at the meeting.