Last week, CPA announced to its members via email that its 2017 annual general meeting (AGM) will be held in Singapore on 27 April.
NSW-based accountant and CPA member Brett Stevenson is leading a group of disgruntled members seeking to drive change through a special members resolution, which had 110 signatories as of yesterday.
According to a document seen by Accountants Daily which was circulated among members of the rebellion, Mr Stevenson sought legal advice as to whether moving the AGM to Singapore could represent a contravention of the Corporations Act.
The allegation relates to a possible breach of Section 249R of the Corporations Act, which states that a “meeting of a company’s members must be held at a reasonable time and place”.
While admitting there are lots of arguments both ways, the document says that it could be argued that Singapore is not a reasonable place given that more than 75 per cent of members reside in Australia and only 5 per cent in Singapore.
The document anticipates that if challenge is made, CPA Australia will use its "financial muscle" and put up a strong legal defence.