Corporations Act 2001
51MMeaning of mutual entity
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51M Meaning of mutual entity
(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. (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.