sec.131-oc.2Voting rights of first mortgagees

### sec.131-oc.2 Voting rights of first mortgagees Where a lessee’s interest in the lease of a lot is subject to a registered first mortgage notice of which has been given under section 53 to the body corporate, the power of voting conferred upon a lessee by or under this Act— where a unanimous resolution is required—shall be exercised by the mortgagee and shall not be exercised by the lessee; in other cases—may be exercised by the lessee unless the mortgagee, or, where a mortgagee is a corporation, the company nominee of the corporation, is present personally or by proxy when the mortgagee, or as the case may be, the company nominee may exercise the power of voting personally or by proxy and, if the mortgagee or company nominee does so, the lessee shall not exercise that power. (amended) - (a) where a unanimous resolution is required—shall be exercised by the mortgagee and shall not be exercised by the lessee; - (b) in other cases—may be exercised by the lessee unless the mortgagee, or, where a mortgagee is a corporation, the company nominee of the corporation, is present personally or by proxy when the mortgagee, or as the case may be, the company nominee may exercise the power of voting personally or by proxy and, if the mortgagee or company nominee does so, the lessee shall not exercise that power.