Corporations Act 2001

CHAPTER 1 - INTRODUCTORY  

PART 1.2 - INTERPRETATION  

Division 7 - Meaning of some other expressions  

SECTION 51M   MEANING OF MUTUAL ENTITY  

51M(1)    
A company is a mutual entity if:

(a)    the company is registered under this Act; and

(b)    the company ' s constitution provides that a person has no more than one vote at a general meeting of the company for each capacity in which the person is a member of the company.

51M(2)    
To avoid doubt:

(a)    the requirement in paragraph (1)(b) does not fail to be satisfied merely because the company ' s constitution provides that:

(i) 2 or more persons may together be joint members of the company; and

(ii) those persons each have one vote at a general meeting of the company; and

(b)    that requirement does not fail to be satisfied merely because the company ' s constitution provides that:

(i) a person may vote as proxy or representative at a general meeting of the company; and

(ii) as a result of voting as a proxy or representative, the person may have more than one vote at a general meeting of the company.