THE CORPORATIONS LAW

CHAPTER 2G - MEETINGS

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PART 2G.4 - MEETINGS OF MEMBERS OF REGISTERED MANAGED INVESTMENT SCHEMES

Division 5 - Proxies and body corporate representatives

SECTION 252Y   APPOINTING A PROXY  

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252Y(1)  (When proxy appointment valid)  

An appointment of a proxy is valid if it is signed by the member of the registered scheme making the appointment and contains the following information:

(a)  the member's name and address

(b)  the scheme's name

(c)  the proxy's name or the name of the office held by the proxy

(d)  the meetings at which the appointment may be used.

252Y(2)  An appointment may be a standing one.  

A registered scheme's constitution may provide that an appointment is valid even if it contains only some of the information required by subsection (1).

252Y(3)  (Undated appointment)  

An undated appointment is taken to have been dated on the day it is given to the responsible entity.

252Y(4)  (Specifying vote)  

An appointment may specify the way the proxy is to vote on a particular resolution. If it does:

(a)  the proxy need not vote on a show of hands, but if the proxy does so, the proxy must vote that way; and

(b)  if the proxy has 2 or more appointments that specify different ways to vote on the resolution - the proxy must not vote on a show of hands; and

(c)  if the proxy is the chair - the proxy must vote on a poll, and must vote that way; and

(d)  if the proxy is not the chair - the proxy need not vote on a poll, but if the proxy does so, the proxy must vote that way.

If a proxy is also a member, this subsection does not affect the way that the person can cast any votes they hold as a member.

Note:

The scheme's constitution may provide that a proxy is not entitled to vote on a show of hands (see subsection 252W(2)).

252Y(5)  (Offence)  

A person who contravenes subsection (4) is guilty of an offence, but only if their appointment as a proxy resulted from the responsible entity sending to members:

(a)  a list of persons willing to act as proxies; or

(b)  a proxy appointment form holding the person out as being willing to act as a proxy.

252Y(6)  (Witnessing appointment)  

An appointment does not have to be witnessed.

252Y(7)  (Later appointment)  

A later appointment revokes an earlier one if both appointments could not be validly exercised at the meeting.

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