Corporations Act 2001

CHAPTER 1 - INTRODUCTORY  

PART 1.2 - INTERPRETATION  

Division 6B - Mutual entities  

SECTION 51M   MUTUAL ENTITIES  

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.

 

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