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</o:shapelayout></xml><![endif]--></head><body lang=EN-AU link="#0563C1" vlink="#954F72"><div class=WordSection1><p class=MsoNormal>Dear Centres<o:p></o:p></p><p class=MsoNormal>Forwarding the email from Joe Orland to Box Hill (Tall Timbers) Centre re teleconference AGM, in response to the email sent by Box Hill (Tall Timbers) Centre that was sent to all the Centres, Board and SO. <o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><div><p class=MsoNormal><span lang=EN-GB style='mso-fareast-language:EN-AU'>Kind Regards<o:p></o:p></span></p><p class=MsoNormal><span lang=EN-GB style='mso-fareast-language:EN-AU'>Lucy Pentony<o:p></o:p></span></p><p class=MsoNormal><span lang=EN-GB style='mso-fareast-language:EN-AU'>Office Coordinator <o:p></o:p></span></p><p class=MsoNormal><span lang=EN-GB style='mso-fareast-language:EN-AU'><o:p> </o:p></span></p><p class=MsoNormal><span lang=EN-GB style='mso-fareast-language:EN-AU'>Riding for the Disabled Association (NSW)<o:p></o:p></span></p><p class=MsoNormal><span lang=EN-GB style='mso-fareast-language:EN-AU'>Quad 1, Level 2, 8 Parkview Drive<o:p></o:p></span></p><p class=MsoNormal><span lang=EN-GB style='mso-fareast-language:EN-AU'>Sydney Olympic Park NSW 2127<o:p></o:p></span></p><p class=MsoNormal><span lang=EN-GB style='mso-fareast-language:EN-AU'>(PO Box 710 Sydney Markets NSW 2129)<o:p></o:p></span></p><p class=MsoNormal><span lang=EN-GB style='mso-fareast-language:EN-AU'><o:p> </o:p></span></p><p class=MsoNormal><span lang=EN-GB style='mso-fareast-language:EN-AU'>Ph: (02) 8736 1256<o:p></o:p></span></p><p class=MsoNormal><span lang=EN-GB style='mso-fareast-language:EN-AU'>Email: <a href="mailto:stateoffice@rdansw.org.au"><span style='color:#0563C1'>stateoffice@rdansw.org.au</span></a><o:p></o:p></span></p><p class=MsoNormal><span lang=EN-GB style='mso-fareast-language:EN-AU'>Web: <a href="http://www.rdansw.org.au/"><span style='color:#0563C1'>www.rdansw.org.au</span></a><o:p></o:p></span></p><p class=MsoNormal><span lang=EN-GB style='mso-fareast-language:EN-AU'><o:p> </o:p></span></p><p class=MsoNormal><span lang=EN-GB style='mso-fareast-language:EN-AU'><img border=0 width=202 height=204 style='width:2.1041in;height:2.125in' id="Picture_x0020_6" src="cid:image006.jpg@01D632BA.C31FDF00"><o:p></o:p></span></p><p class=MsoNormal><span style='color:#1F497D;mso-fareast-language:EN-AU'><img border=0 width=99 height=71 style='width:1.0312in;height:.7395in' id="_x0000_i1032" src="cid:image007.png@01D632BA.C31FDF00" alt="cid:image001.png@01CBDCAA.ABB8D800"> <img border=0 width=60 height=60 style='width:.625in;height:.625in' id="Picture_x0020_8" src="cid:image008.jpg@01D632BA.C31FDF00" alt="ACNC-Registered-Charity-Logo - small"><o:p></o:p></span></p><p class=MsoNormal><span lang=EN-GB style='mso-fareast-language:EN-AU'><o:p> </o:p></span></p><p class=MsoNormal><span style='color:#1F497D;mso-fareast-language:EN-AU'><img border=0 width=480 height=90 style='width:5.0in;height:.9375in' id="_x0000_i1030" src="cid:image009.jpg@01D632BA.C31FDF00" alt=SWA2018emailsignoffWinner></span><span style='mso-fareast-language:EN-AU'><o:p></o:p></span></p><p class=MsoNormal><span style='mso-fareast-language:EN-AU'><o:p> </o:p></span></p><p class=MsoNormal><span style='mso-fareast-language:EN-AU'> <o:p></o:p></span></p></div><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>Dear Elaine.<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>Thank you for your commentary in response to the Board’s Survey for the possibility of holding the RDA (NSW) AGM by teleconference as contained in the email dated 18 May 2020 that you sent to the Board and all Centres. This email is to respond to the comments made by the Box Hill Centre in relation to that Survey and as your email went to all Centres, it is appropriate that this response goes to the same people. <o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>At the outset, it needs to be noted that, due to the tight time constraints, it is, with respect, imperative, that this matter is resolved expeditiously.<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>This response is based on the latest information that I could find on the internet up to, and including, 22 May 2020, on both the ASIC website (on the issue regarding the possible deferral for the holding of the RDA (NSW) AGM) and on the Australian Government’s website (for the latest updates of the Acts and Regulations as passed by the Australian Government). There appears to be some differences between what is contained in those websites from what is stated in your email of 18 May 2020.<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>I have attached copies of the relevant documents to which both you and I refer (other than the Corporations Act 2001 as it is far too big).<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>As will be explained in the response below, it is absolutely crucial that this matter is resolved in the next few days if we are not going to put RDA (NSW) at risk of breaching the concession given by ASIC. The timetable for things which must be done in the leadup to the AGM must be started in a few days’ time.<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>The statements made by your Centre, and the responses based on the information as referred to above are set out below:<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><b><u>Box Hill (Tall Timbers) Centre Statement<o:p></o:p></u></b></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><span style='color:#1F497D'>We are already seeing some restrictions being lifted within NSW and it would be reasonable to assume that an AGM could be held face-to-face in the coming months and certainly before the “no action” extension period expires on 5 November 2020 - in accordance with the temporary modifications to the Corporations Act under the </span><a href="https://www.legislation.gov.au/Details/F2020L00553"><span style='color:#1F497D;text-decoration:none'>Corporations (Coronavirus Economic Response) Determination (No. 1) 2020</span></a><span style='color:#1F497D'> dated 5 May 2020<o:p></o:p></span></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><b><u>Board response</u></b><o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>While the Corporations (Coronavirus Economic Response) Determination (No. 1) 2020 to which you refer will be automatically repealed on 5 November 2020, which is six months after the Determination commenced on 5 May 2020, that document does not contain <u>any</u> reference to the extension of time for the holding of an AGM by a public company. It needs to be noted that RDA (NSW) is a “public company” under the definition contained in the Corporations Act 2001. However, it is important to examine this document for it has relevance to the statements made by your Centre in your email.<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>It would appear that one reason for the finishing date of 5 November has more to do with the six-month period for which the other Government initiatives in relation to the COVID-19 pandemic are to continue and has nothing to do with the extension of time for the holding of an AGM. <o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>Another reason would appear to be that the companies for which ASIC has granted an “extension of time” to hold their AGM (more on this issue below) has been extended from those companies to which the ASIC’s original proposal related, namely those that had a balancing date of 31 December (such as RDA (NSW)) to those that had a balancing date after that date (that is, from 1 January 2020 and later). <o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>This does not mean that the Determination gives an extension of time for the companies which have a balancing date of 31 December to hold their AGM has been further extended. Instead it means that companies which have a balancing date <u>after</u> 31 December have also had their timetable for the holding of their AGM extended by two months. However this “extension of time” to hold the AGM is not done via this Determination.<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>Instead of granting any extension of time as you infer, that Determination sets out the following procedural matters:<o:p></o:p></p><ol style='margin-top:0cm' start=1 type=1><li class=MsoListParagraph style='margin-left:0cm;mso-list:l0 level1 lfo3'>The ability for all public companies to hold their AGM by teleconference during the six-month period of the Determination.<o:p></o:p></li><li class=MsoListParagraph style='margin-left:0cm;mso-list:l0 level1 lfo3'>The general procedures for the holding of an AGM via a teleconference. <o:p></o:p></li><li class=MsoListParagraph style='margin-left:0cm;mso-list:l0 level1 lfo3'>The procedures for signing any documents given that the meeting is being held by teleconference.<o:p></o:p></li></ol><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>These procedures apply for the period mentioned because of other matters that do not impact upon RDA (NSW)’s obligations. However, in view of the comments made in relation to the due date for RDA (NSW)’s AGM, it is worthwhile examining the Determination as it relates to the timing of the RDA (NSW) AGM.<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>It is noted that the Explanatory Memorandum to that Determination emphasises this issue of the requirement for companies holding their AGM within the specified extension period:<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=Default style='margin-left:36.0pt'><span style='font-size:11.0pt;font-family:"Calibri",sans-serif'>“The Determination gives companies, responsible entities, external administrators and other classes of persons certainty about how they can meet their legal obligations for the next six months while the Determination is in effect.<o:p></o:p></span></p><p class=Default style='margin-left:36.0pt'><span style='font-size:11.5pt'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:36.0pt'>The Determination ensures that companies and other entities that are required to or wish to hold a meeting, such as an Annual General Meeting (AGM), may do so using technology rather than face-to-face meetings. The Determination enables a quorum, votes, notices and the asking of questions to be facilitated electronically. The Determination also allows for information required for the meeting to be circulated and accessed electronically.”<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>This is stated in Clause 5(1)(a) of the Determination as follows:<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal style='margin-left:36.0pt'>“a meeting may be held using one or more technologies that give all persons entitled to attend a reasonable opportunity to participate without being physically present in the same place”.<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>The overall effect of the operation of this Determination is contained in Section 8 of that Determination as follows:<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal style='margin-left:36.0pt'>“Anything done in accordance with the modified operation of provisions modified by this instrument is as valid and effective for all purposes as if it had been done in accordance with those provisions in their unmodified operation.”<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>This provision, which is contained in the document referred to by you in your email, means, as is described in the above extracts from both the Determination and the Explanatory Memorandum to that Determination, that companies which are ordinarily <u>only</u> able to hold their AGM face-to-face, are now permitted to hold their AGM by teleconference. <o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>Therefore, up to 4 November 2020, those companies which ordinarily are only able to hold their meetings face-to-face, under the Determination are now permitted to hold their AGM (and any other company meetings) by teleconference. After that date, that is, from 5 November 2020, they will, again, be restricted to using face-to-face meetings. <o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>This, of course, means that even companies which have a balancing date of 31 December 2019 and under their constituent documents were limited to face-to-face meetings now have no reason, or excuse, to defer their AGM beyond the 31 July date. <o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>Those companies which have a balance date in the period 1 January to 7 July 2020 but only had the option of holding a face-to-face meeting have also had their method of holding their AGM modified, for the period covered by the Determination, to allow such companies to hold their AGM by teleconference during the extension period as provided for by ASIC. There are other qualifications, but they are not relevant for present purposes.<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>In turn, as is relevant for RDA (NSW), that means that there should be no excuse for companies which have a balancing date of 31 December 2019 not holding their AGM by 31 July 2020. This includes those companies which are restricted, under their constituent document(s), to holding only face-to-face meetings, including their AGM. <o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>The direct consequence of this is that it is highly unlikely for ASIC to further extend the “no-action” period as was a possibility under its original proposal in March in which ASIC stated that it will review the situation regarding the extension to 31 July 2020.<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>As may be expected, the Board is committed to fully comply with the provisions which are dealt with in the Corporations Act (and, under the circumstances, in accordance with the ASIC “no-action” concession) in the event that the AGM is held by teleconference. <o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>In this context, it is important to note that the RDA (NSW) Constitution permits the holding of an AGM by teleconference, and therefore the obligation that the Directors have to ensure that RDA (NSW) complies with its legal obligations regarding the holding of the AGM in accordance with the law (as affected by the “no action” decision by ASIC).<o:p></o:p></p><p class=MsoNormal><b><u><o:p><span style='text-decoration:none'> </span></o:p></u></b></p><p class=MsoNormal align=center style='text-align:center'><b><u><span style='color:red'>===============================================</span><o:p></o:p></u></b></p><p class=MsoNormal><b><u><o:p><span style='text-decoration:none'> </span></o:p></u></b></p><p class=MsoNormal><b><u>Box Hill (Tall Timbers) Centre Statement<o:p></o:p></u></b></p><p class=MsoNormal><b><u><o:p><span style='text-decoration:none'> </span></o:p></u></b></p><p class=MsoNormal><span style='color:#1F497D'>The deadline of 31 July 2020 is no longer applicable</span><o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><b><u>Board response<o:p></o:p></u></b></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal style='text-autospace:none'>The latest publication on the ASIC website which is specifically in relation to the issue of the “extension of time” for the holding of an AGM that affects RDA (NSW) is dated 20 March 2020 (“<span style='mso-fareast-language:EN-AU'>20-068MR Guidelines for meeting upcoming AGM and financial reporting requirements”)</span> and it states:<o:p></o:p></p><p class=MsoNormal style='margin-left:36.0pt;text-autospace:none'>“<span style='color:#253746;mso-fareast-language:EN-AU'>Coronavirus (COVID-19) may temporarily impact on companies’ ability to hold an annual general meeting (AGM). This issue is most immediately relevant for listed and unlisted public companies with 31 December balance dates that are required to hold an AGM by 31 May 2020. For these entities, ASIC:<o:p></o:p></span></p><p class=MsoNormal style='margin-left:72.0pt;text-autospace:none'><span style='color:#253746;mso-fareast-language:EN-AU'>• Confirms it will take no action if the AGMs are postponed for two months; that is , until the end of July<o:p></o:p></span></p><p class=MsoNormal style='margin-left:72.0pt;text-autospace:none'><span style='color:#253746;mso-fareast-language:EN-AU'>• Supports the holding of AGMs using appropriate technology</span>”.<o:p></o:p></p><p class=MsoNormal style='text-autospace:none'><o:p> </o:p></p><p class=MsoNormal style='text-autospace:none'>This is as stated in the covering letter which accompanied the Survey.<o:p></o:p></p><p class=MsoNormal style='text-autospace:none'><o:p> </o:p></p><p class=MsoNormal style='text-autospace:none'>There are later publications issued by ASIC, but there is yet no other document which is readily available on the ASIC website in which an “extension” is granted in relation to the holding of <u>RDA (NSW)’s AGM</u> beyond the 31 July 2020. Whether ASIC may, in the future, decide to alter that date is, with respect, not something that we should speculate on as a result of the possible legal ramifications, and penalties, that could accrue against RDA (NSW) and its Directors under the Corporations Act 2001 if we do not hold the AGM by 31 July 2020. This is particularly so when considered in the light of the Board’s first response above.<o:p></o:p></p><p class=MsoNormal style='text-autospace:none'><o:p> </o:p></p><p class=MsoNormal style='text-autospace:none'>It is noted that there are, since the above 20-068MR document was issued, two other statements issued by ASIC in which extensions of time were dealt with. These statements are “<span style='mso-fareast-language:EN-AU'>20-084MR ASIC to provide additional time for unlisted entity<o:p></o:p></span></p><p class=MsoNormal style='text-autospace:none'><span style='mso-fareast-language:EN-AU'>financial reports</span>” which was issued on 9 April 2020 (last updated 5 May 2020) and “<span style='mso-fareast-language:EN-AU'>20-113MR ASIC to further extend financial reporting deadlines for listed and unlisted entities and amends ‘no action’ position for AGMs”</span> which issued on 13 May 2020 (with no subsequent update noted).<o:p></o:p></p><p class=MsoNormal style='text-autospace:none'><o:p> </o:p></p><p class=MsoNormal style='text-autospace:none'>As the present discussion is in relation to the holding of the AGM, and not for the lodging of financial reports with ASIC, the 20-08MR statement dated 9 April 2020 has no relevance for the present discussion and therefore no further reference needs to be made in relation to that document.<o:p></o:p></p><p class=MsoNormal style='text-autospace:none'><o:p> </o:p></p><p class=MsoNormal style='text-autospace:none'>In any event, as RDA (NSW) is a not-for-profit charity, it is not required to lodge its financial documents with ASIC but with the ACNC, and the ACNC has given a similar extension of time for companies such as RDA (NSW) to lodge <u>those financial documents</u>.<o:p></o:p></p><p class=MsoNormal style='text-autospace:none'><o:p> </o:p></p><p class=MsoNormal style='text-autospace:none'>The 20-113MR document dated 13 May 2020 deals with both the extension of time for the lodging of financial documents and the extension of time for the holding of a company’s AGM. <o:p></o:p></p><p class=MsoNormal style='text-autospace:none'><o:p> </o:p></p><p class=MsoNormal style='text-autospace:none'>While the extension of time for the lodging of financial documents is not relevant for RDA (NSW), in relation to the holding of an AGM by a public company it states: <o:p></o:p></p><p class=MsoNormal style='margin-left:36.0pt;text-autospace:none'>“<span style='color:#253746;mso-fareast-language:EN-AU'>ASIC has adopted a ‘no action’ position where public companies do not hold their Annual General Meetings (AGMs) within five months after the end financial years that end from 31 December 2019 to 7 July 2020, <b><u>but do so up to seven months after year end</u></b></span>” [<i>emphasis added</i>]<o:p></o:p></p><p class=MsoNormal style='text-autospace:none'><o:p> </o:p></p><p class=MsoNormal style='text-autospace:none'>It needs to be noted that the original statement which issued in March related to companies which had a 31 December 2019 balance date only and advised that no action will be taken against companies provided that they hold their AGM on or before 31 July 2020 (that is, “up to seven months after year end”. <o:p></o:p></p><p class=MsoNormal style='text-autospace:none'><o:p> </o:p></p><p class=MsoNormal style='text-autospace:none'>In effect, the 20-113MR document is in relation to an “extension” of two months from the date set out in the Act for those companies which have a balancing date <u>between</u> 31 December 2019 and 7 July 2020 only. It does not impact on those companies which have a balancing date of 31 December 2019. However, as stated below, it is not a change in the law, and it is extremely important to keep this in mind at all times – as will be explained below. <o:p></o:p></p><p class=MsoNormal style='text-autospace:none'><o:p> </o:p></p><p class=MsoNormal style='text-autospace:none'>While this later statement now extends this two-month concession to companies that have a balance date on or before 7 July 2020, what the statement does not do is extend the previously announced date for those companies, such as RDA (NSW), which have a balancing date of 31 December 2019. That date by which such companies must hold their AGM to ensure that ASIC will not take any action against them remains seven months after balance date, namely 31 July 2020.<o:p></o:p></p><p class=MsoNormal style='text-autospace:none'><o:p> </o:p></p><p class=MsoNormal style='text-autospace:none'>The issue is reinforced in the document when it is stated: <o:p></o:p></p><p class=MsoNormal style='margin-left:36.0pt;text-autospace:none'>“<span style='color:#253746;mso-fareast-language:EN-AU'>ASIC has adopted a ‘no action’ position where public companies do not hold their Annual General Meetings (AGMs) within five months after the end financial years that end from 31 December 2019 to 7 July 2020, but do so up to seven months after year end.</span>”<o:p></o:p></p><p class=MsoNormal style='text-autospace:none'><o:p> </o:p></p><p class=MsoNormal style='text-autospace:none'>This is followed by the following explanation:<o:p></o:p></p><p class=MsoNormal style='margin-left:36.0pt;text-autospace:none'>“<span style='color:#253746;mso-fareast-language:EN-AU'>ASIC had previously adopted a ‘no action’ position where public companies hold their AGMs for 31 December 2019 year ends by the end of July 2020 (refer: </span><span style='color:black;mso-fareast-language:EN-AU'>20-068MR Guidelines for meeting upcoming AGM and financial reporting requirements</span><span style='color:#253746;mso-fareast-language:EN-AU'>).</span>”<o:p></o:p></p><p class=MsoNormal style='text-autospace:none'><o:p> </o:p></p><p class=MsoNormal style='text-autospace:none'>An issue which was tangentially referred to in the covering letter which accompanied the Survey is explained in more detail in this 20-113MR ASIC document which states: <o:p></o:p></p><p class=MsoNormal style='text-autospace:none'><o:p> </o:p></p><p class=MsoNormal style='margin-left:36.0pt;text-autospace:none'>“<span style='color:#253746;mso-fareast-language:EN-AU'>We have adopted a ‘no action’ position in relation to the timing of AGMs because ASIC does not have the power to grant extensions of time to hold an AGM on a ‘class basis’ to all public companies.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:36.0pt;text-autospace:none'><span style='color:#253746;mso-fareast-language:EN-AU'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:36.0pt;text-autospace:none'><span style='color:#253746;mso-fareast-language:EN-AU'>ASIC’s general policy on ‘no-action’ positions and their status is set out in </span><span style='color:black;mso-fareast-language:EN-AU'>Regulatory Guide 108 No-action letters</span><span style='color:#253746;mso-fareast-language:EN-AU'>. In particular, a ‘no-action’ position provides an indication as to the future regulatory action that we might take and <b><u>does not necessarily preclude third parties (including the Commonwealth Director of Public Prosecutions) from taking legal action in relation to the same conduct or conduct of that kind. Nor does it prevent a court from holding that particular conduct infringes the relevant legislation. ASIC does not represent that the conduct covered by the ‘no-action’ position will not be held to contravene the relevant legislation. Nor does ASIC undertake to intervene in an action brought by third parties in respect of such conduct</u></b>.</span>” [<i>emphasis added</i>]<o:p></o:p></p><p class=MsoNormal style='text-autospace:none'><o:p> </o:p></p><p class=MsoNormal style='text-autospace:none'>This latest statement by ASIC clearly restates ASIC’s statement dated 20 March 2020 and reinforces the statement made by the Board in its letter which accompanied the Survey that we have two months after 31 May, that is, until 31 July, to hold our 2020 AGM. <o:p></o:p></p><p class=MsoNormal style='text-autospace:none'><o:p> </o:p></p><p class=MsoNormal style='text-autospace:none'>While it is not expected that any legal action will be taken against RDA (NSW) as a result of delaying its AGM in accordance with the “no action” statement issued by ASIC (that is, as long as the RDA (NSW) AGM is held no later than 31 July 2020), the Board of RDA (NSW) is committed to ensure that RDA (NSW) remains a responsible corporate citizen and comply by its obligations at law (taking into account the “concession” by ASIC).<o:p></o:p></p><p class=MsoNormal style='text-autospace:none'><o:p> </o:p></p><p class=MsoNormal style='text-autospace:none'>In none of the attached ASIC documents, nor in the Corporations (Coronavirus Economic Response) Determination (No. 1) 2020 document and the Corporations Act 2001, is there a statement by ASIC or by the Government which can be construed as ASIC or the Government extending the period for RDA (NSW) to hold its AGM to a date which is later than 31 July 2020.<o:p></o:p></p><p class=MsoNormal style='text-autospace:none'><o:p> </o:p></p><p class=MsoNormal style='text-autospace:none'>It is extremely important to note, as is highlighted in the ASIC document referred to above, that the holding of the RDA (NSW) AGM later than the latest date on which it is permitted under the Corporations Act (that is, 31 May 2020) automatically results in RDA (NSW) being in breach of the provisions of the Corporations law. Such a breach ordinarily results in the company and its Directors being liable to penalties. Having said this, ASIC acknowledges the problems caused by COVID-19 in effectively allowing the AGM of various companies to be held later than the law allows by adopting a “no-action” policy. In other words, the company and its directors will not face the prospect of legal action <u>from ASIC</u>. That is the only “guarantee”.<o:p></o:p></p><p class=MsoNormal style='text-autospace:none'><o:p> </o:p></p><p class=MsoNormal style='text-autospace:none'>As also stated in the covering letter to the Survey, it is understood that ASIC will continue to monitor the situation and may, if necessary, extend the ”no-action” period. However, in the light of the more recent documents issued by ASIC in which the 31 July date for companies such as RDA (NSW) which have a balancing date of 31 December is reinforced, the Board does not consider it appropriate, or prudent, to assume that there will be any extension to the current “no-action” period.<o:p></o:p></p><p class=MsoNormal style='text-autospace:none'><o:p> </o:p></p><p class=MsoNormal style='text-autospace:none'>As stated above, companies which do not hold their AGM by the scheduled date as set out in the Corporations Act (31 May 2020 for RDA (NSW)) and have not been given a formal extension of time in which to hold their AGM as is provided for under the Corporations Act notionally face substantial penalties. <o:p></o:p></p><p class=MsoNormal style='text-autospace:none'><o:p> </o:p></p><p class=MsoNormal style='text-autospace:none'>Therefore, as the “no-action” provision is not an “extension of time” for the purposes of the Corporation Act, RDA (NSW) it is, technically, in breach of the law for RDA (NSW) to not hold its AGM by 31 May and can still be prosecuted for failure to comply with the terms of the Act. <o:p></o:p></p><p class=MsoNormal style='text-autospace:none'><o:p> </o:p></p><p class=MsoNormal style='text-autospace:none'>The only safeguard that we have is that ASIC will not take any action against RDA (NSW) and its Directors provided that RDA (NSW) complies with the “no-action” extension and holds its AGM by no later than 31 July 2020 as per the latest document issued by ASIC. <o:p></o:p></p><p class=MsoNormal style='text-autospace:none'><o:p> </o:p></p><p class=MsoNormal style='text-autospace:none'>The balance of that 20-113MR statement by ASIC relates to the lodging of financial documents with ASIC and, as stated previously, this is not relevant to RDA (NSW)’s situation.<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal align=center style='text-align:center'><b><u><span style='color:red'>===============================================</span></u></b><o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><b><u>Box Hill (Tall Timbers) Centre Statement<o:p></o:p></u></b></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><span style='color:#1F497D'>The cost of $3,487 for an extension is no longer applicable</span><o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><b><u>Board response<o:p></o:p></u></b></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>With respect, this is not correct.<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>As is stated by ASIC, the “no-action” arrangement is <u>not</u> an “extension of time” for companies to hold their AGM. Under section 250P of the Corporations Act it is stated:<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=Default style='margin-left:36.0pt'><span style='font-size:11.0pt;font-family:"Calibri",sans-serif'>“(1) A public company <b><u>may lodge an application with ASIC to extend the period within which section 250N requires the company to hold an AGM</u></b>. <o:p></o:p></span></p><p class=Default style='margin-left:36.0pt'><span style='font-size:11.0pt;font-family:"Calibri",sans-serif'><o:p> </o:p></span></p><p class=Default style='margin-left:36.0pt'><span style='font-size:11.0pt;font-family:"Calibri",sans-serif'>(2) If the company applies <b><u>before the end of the period within which the company would otherwise be required to hold an AGM</u></b>, ASIC may extend the period in writing. ASIC must specify the period of the extension. <o:p></o:p></span></p><p class=Default style='margin-left:36.0pt'><span style='font-size:11.0pt;font-family:"Calibri",sans-serif'><o:p> </o:p></span></p><p class=Default style='margin-left:36.0pt'><span style='font-size:11.0pt;font-family:"Calibri",sans-serif'>(3) A company granted an extension under subsection (2) <b><u>must hold its AGM within the extended period</u></b>. <o:p></o:p></span></p><p class=Default style='margin-left:36.0pt'><span style='font-size:11.0pt;font-family:"Calibri",sans-serif'><o:p> </o:p></span></p><p class=Default style='margin-left:36.0pt'><span style='font-size:11.0pt;font-family:"Calibri",sans-serif'>(4) ASIC may impose conditions on the extension and the company must comply with those conditions. <o:p></o:p></span></p><p class=Default style='margin-left:36.0pt'><span style='font-size:11.0pt;font-family:"Calibri",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:36.0pt'>(5) An offence based on subsection (3) or (4) is an offence of strict liability.” [<i>emphasis added</i>]<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>In the covering letter to the Survey, it is clearly stated that, but for the concession made by ASIC to “take no action” provided that AGMs for companies with a balancing date of 31 December 2019 are held within the five months period after the end of the company’s financial year, for a company to lodge an application for an extension of time it would need to pay the scheduled fee of $3,487. <o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>As also stated in that letter, this fee is not required to be paid in order to defer the RDA (NSW) AGM due to the “no-action” policy of ASIC. The fee has not been removed from the Corporations Act. It is still there if a company lodges a request for an extension of time to hold its AGM.<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>However, if RDA (NSW) does not hold its AGM on or before 31 July 2020, it will no longer be covered by the “no-action” concession accorded by ASIC unless ASIC grants a further extension of time, provided that the application for an extension of time is lodged prior to the nominal end of RDA (NSW)’s statutory period for holding its AGM, which is 31 May 2020. <o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>It is reasonable to assume that, for the reasons stated in your email in relation to the easing of restrictions, it is highly unlikely that ASIC would consider it necessary to extend this “no-action” period.<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>Therefore, if it appears that RDA (NSW) may need to delay holding its AGM beyond 31 July 2020, it will be necessary for an application for an extension of time to be applied for in accordance with Section 250P of the Corporations Act <u>before 31 May 2020</u> (which is the period within which the company is normally required to hold its AGM). If that happens, the lodgement fee of $3,487 would become payable.<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal align=center style='text-align:center'><b><u><span style='color:red'>===============================================</span></u></b><o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><b><u>Box Hill (Tall Timbers) Centre Statement<o:p></o:p></u></b></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><span style='color:#1F497D'>AGM’s can be deferred without penalty until 5 November 2020</span><o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><b><u>Board response<o:p></o:p></u></b></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>As explained in this response, the available documents which have been issued by ASIC and the Australian Government do not support this statement.<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal align=center style='text-align:center'><b><u><span style='color:red'>===============================================</span></u></b><o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><b><u>Box Hill (Tall Timbers) Centre Statement<o:p></o:p></u></b></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><span style='color:#1F497D'>There is no longer the time pressure to hold the AGM prior to 31 July 2020 or to apply for an extension</span><o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><b><u>Board response<o:p></o:p></u></b></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>This is not borne out by the ASIC documents. On the contrary, as stated earlier in this response, ASIC has, in its 20-113MR document which issued on 13 May 2020, reinforced the 31 July 2020 date which applies for RDA (NSW)’s AGM.<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>Given the timetable set out by the RDA (NSW) Constitution in relation to the matters that need to be dealt with, there is an urgent need to have things progressing towards an AGM without any further delay if we are to meet even the 31 July 2020 “deadline”.<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>It is important to note that the Constitution sets a strict timetable for the happening of certain things in the lead-up to the AGM. Unnecessary delays in attending to those matters could result in either a breach of the terms of the Constitution if we are to comply with the current concession provided by ASIC or we breach the ASIC timetable and will no longer be covered by the “no-action” concession.<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal align=center style='text-align:center'><b><u><span style='color:red'>===============================================</span></u></b><o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><b><u>General comments re results of the Survey to date and related matters<o:p></o:p></u></b></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>It is noted that there have been more than sufficient responses from Centres in favour of holding the AGM by teleconference in order to form a quorum for holding the RDA (NSW) AGM in that manner prior to 31 July 2020, as is permitted under the ASIC “no-action” policy. <o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>A very important statistic to note is that of those Centres which have replied to state that they are in favour of holding the AGM by teleconference and will take part, 25% are Centres which have also stated that they are not able to attend a “face to face” AGM. <o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>Clearly, this is not an insignificant proportion of RDA (NSW) Centres and it is suggested that it would be irresponsible for RDA (NSW) to ignore the needs and interests of so many Centres when most, if not all, Centres can be represented by electronic means, and thereby not disadvantaging those Centres that are remote and/or for whom attendance at an AGM is not feasible.<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>As there is no indication that the Government will lift all restrictions against gatherings in sufficient time allow for the scheduling of a face to face AGM before 31 July 2020 and still attend to everything that needs to be done under the Constitution in relation to that meeting, the Board is under a legal obligation to set a date for the AGM, with that date being on or before 31 July 2020. <o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>The extremely limited time available in which that date needs to be set means that the only way in which RDA (NSW) can meet its legal obligations in relation to the AGM is to hold the RDA (NSW) 2020 AGM by teleconference.<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>The other matters raised in your email, while important, are less pressing than the urgent need to ensure that RDA (NSW) complies with its strict obligations under the Corporations Act. Accordingly, they will be responded to soon in a separate email.<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>Regards,<o:p></o:p></p><p class=MsoNormal><span style='color:#1F497D;mso-fareast-language:EN-AU'>Joseph Orland<o:p></o:p></span></p><p class=MsoNormal><span style='color:#1F497D;mso-fareast-language:EN-AU'>Honorary Director, Finance Officer & Company Secretary<o:p></o:p></span></p><p class=MsoNormal><span style='font-family:"Arial Rounded MT Bold",sans-serif;color:#1F497D;mso-fareast-language:EN-AU'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-family:"Arial Rounded MT Bold",sans-serif;color:#1F497D;mso-fareast-language:EN-AU'>Riding for the Disabled Association (NSW)<o:p></o:p></span></p><p class=MsoNormal><span style='color:#1F497D;mso-fareast-language:EN-AU'>Quad 1, Level 2, 8 Parkview Drive, Sydney Olympic Park, NSW<o:p></o:p></span></p><p class=MsoNormal><span style='color:#1F497D;mso-fareast-language:EN-AU'>(PO Box 710 Sydney Markets NSW 2129)<o:p></o:p></span></p><p class=MsoNormal><span style='color:#1F497D;mso-fareast-language:EN-AU'><o:p> </o:p></span></p><p class=MsoNormal><b><span style='color:#1F497D;mso-fareast-language:EN-AU'>Ph</span></b><span style='color:#1F497D;mso-fareast-language:EN-AU'>: (02) 8736 1256 <b>Mob:</b> 0407 004 019<o:p></o:p></span></p><p class=MsoNormal><span style='color:#1F497D;mso-fareast-language:EN-AU'>Email: </span><a href="mailto:stateoffice@rdansw.org.au"><span style='color:#1F497D;mso-fareast-language:EN-AU'>joseph.orland@rdansw.org.au</span></a><u><span style='color:#1F497D;mso-fareast-language:EN-AU'><o:p></o:p></span></u></p><p class=MsoNormal><span style='color:#1F497D;mso-fareast-language:EN-AU'>Web: </span><a href="http://www.rdansw.org.au/"><span style='color:#1F497D;mso-fareast-language:EN-AU'>www.rdansw.org.au</span></a><span style='color:#1F497D;mso-fareast-language:EN-AU'><o:p></o:p></span></p><p class=MsoNormal><span style='font-size:9.0pt;font-family:"Arial",sans-serif;color:#1F497D;mso-fareast-language:EN-AU'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-family:"Arial Rounded MT Bold",sans-serif;color:#1F497D;mso-fareast-language:EN-AU'>"Riding Develops Abilities"<o:p></o:p></span></p><p class=MsoNormal><span style='color:#1F497D;mso-fareast-language:EN-AU'><o:p> </o:p></span></p><p class=MsoNormal><span style='color:#1F497D;mso-fareast-language:EN-AU'> <img border=0 width=79 height=57 style='width:.8229in;height:.5937in' id="Picture_x0020_1" src="cid:image010.png@01D632BA.C31FDF00" alt="cid:image001.png@01CBDCAA.ABB8D800"> </span><span style='mso-fareast-language:EN-AU'><img border=0 width=61 height=61 style='width:.6354in;height:.6354in' id="Picture_x0020_5" src="cid:image011.png@01D632BA.C31FDF00" alt="cid:image009.png@01D56F0C.90FD55B0"></span><span style='color:#1F497D;mso-fareast-language:EN-AU'><o:p></o:p></span></p><p class=MsoNormal><i><span style='font-size:10.0pt;color:red;mso-fareast-language:EN-AU'>Donations of $2.00 or more are tax deductible<o:p></o:p></span></i></p><p class=MsoNormal><span style='mso-fareast-language:EN-AU'> <img border=0 width=203 height=39 style='width:2.1145in;height:.4062in' id="Picture_x0020_3" src="cid:image012.png@01D632BA.C31FDF00" alt="cid:image005.png@01D56F0D.32653850"></span><i><span style='font-size:10.0pt;color:red;mso-fareast-language:EN-AU'><o:p></o:p></span></i></p><p class=MsoNormal><span style='mso-fareast-language:EN-AU'> <img border=0 width=56 height=56 style='width:.5833in;height:.5833in' id="Picture_x0020_2" src="cid:image013.png@01D632BA.C31FDF00" alt="cid:image006.png@01D56F0C.90FD55B0"> <img border=0 width=72 height=80 style='width:.75in;height:.8333in' id="Picture_x0020_4" src="cid:image014.png@01D632BA.C31FDF00" alt="cid:image008.png@01D56F0D.32653850"><o:p></o:p></span></p><p class=MsoNormal><o:p> </o:p></p></div></body></html>