22Poll on redefinition proposal

22 Poll on redefinition proposal

22 Poll on redefinition proposal

(1) This clause applies in relation to a poll of shareholders affected by a redefinition proposal, which is arranged by the Secretary under Division 4A of Part 3 of the Act.

(2) For the purposes of section 55E (2) of the Act, a redefinition proposal has majority support if more than 50% of the value of votes cast in the poll are in support of the proposal.

(3) For the purposes of section 55E (3) of the Act, shareholders who fail to vote in a poll are to be disregarded when determining whether a redefinition proposal has majority support.

(4) For the purposes of section 55E (4) of the Act, the value of each vote cast in the poll is the percentage determined by dividing the number of affected shares held by the shareholder who casts the vote by the total number of relevant shares and multiplying that number by 100 (calculated to 3 decimal places).

(5) For the purposes of subclause (4)—

(a) the number of affected shares held by a shareholder is—

(i) in the case of a redefinition proposal that involves a change to a description of a share management fishery—the number of shares in that fishery held by the shareholder, or

(ii) in the case of a redefinition proposal that involves the amalgamation of 2 or more classes of shares or replacing classes of shares—the number of shares in the classes concerned held by the shareholder, and

(b) the total number of relevant shares is—

(i) in the case of a redefinition proposal that involves a change to a description of a share management fishery—the total number of shares in that fishery held by the shareholders who cast a vote in the poll, or

(ii) in the case of a redefinition proposal that involves the amalgamation of 2 or more classes of shares or replacing classes of shares—the total number of shares in the classes concerned held by the shareholders who cast a vote in the poll.