Section 142 of the Business Corporations ACT BUSINESS CORPORATIONS ACT Chapter B-9
Meeting on requisition of registered holders or beneficial owners of shares
142(1) The registered holders or beneficial owners of not less than 5% of the issued shares of a corporation that carry the right to vote at a meeting sought to be held may requisition the directors to call a meeting of shareholders for the purposes stated in the requisition, but the beneficial owners of shares do not hereby acquire the direct right to vote at the meeting that is the subject of the requisition.
(2) The requisition referred to in subsection (1), which may consist of several documents in the same form, each signed by one or more registered holders or beneficial owners of shares, shall state the business to be transacted at the meeting and shall be sent to each director and to the registered office of the corporation.
(3) On receiving the requisition referred to in subsection (1), the directors shall call a meeting of shareholders to transact the business stated in the requisition unless
(a) a record date has been fixed under section 133(2) and notice of the record date has been given or waived under section 133(4),
(b) the directors have called a meeting of shareholders and have given notice of the meeting under section 134, or
(c) the business of the meeting as stated in the requisition includes matters described in section 136(5)(b) to (e).
(4) If the directors do not, within 21 days after receiving the requisition referred to in subsection (1), call a meeting, any registered holder or beneficial owner of shares who signed the requisition may call the meeting.
(5) A meeting called under this section shall be called as nearly as possible in the manner in which meetings are to be called pursuant to the bylaws, this Part and Part 12.
(6) Unless the registered holders or beneficial owners of shares resolve otherwise at a meeting called under subsection (4), the corporation shall reimburse the registered holders or beneficial owners of shares for the expenses reasonably incurred by them in requisitioning, calling and holding the meeting.
RSA 2000 cB-9 s142;2005 c8 s33;2005 c40 s6