sec.50ACertain voting by proxy etc. restricted

### sec.50A Certain voting by proxy etc. restricted At any meeting of the body corporate, a person who has a financial interest in a prescribed arrangement or a proposed prescribed arrangement, is not entitled to vote as proxy for another person other than a person who is his or her co-lessee or co-mortgagee or as company nominee of a corporation other than a corporation where the company nominee is the majority shareholder or all of the shares held by the family of the nominee or by the nominee and the nominee’s family upon a motion relating to that prescribed arrangement or proposed prescribed arrangement. (amended) In subsection (1) — family means the spouse, parent, brother, sister or child of the company nominee. (amended) For the purposes of subsection (1) , if a person or the person’s spouse— owns shares (whether beneficially or otherwise) in a company; or is a member of a firm; or is a director or employee of a company or of a firm; that stands to be benefited directly from the prescribed arrangement or proposed prescribed arrangement to which the motion relates he or she shall be taken to have a financial interest in that prescribed arrangement or, as the case may be, proposed prescribed arrangement. (sec.50A-ssec.1) At any meeting of the body corporate, a person who has a financial interest in a prescribed arrangement or a proposed prescribed arrangement, is not entitled to vote as proxy for another person other than a person who is his or her co-lessee or co-mortgagee or as company nominee of a corporation other than a corporation where the company nominee is the majority shareholder or all of the shares held by the family of the nominee or by the nominee and the nominee’s family upon a motion relating to that prescribed arrangement or proposed prescribed arrangement. (amended) (sec.50A-ssec.1A) In subsection (1) — family means the spouse, parent, brother, sister or child of the company nominee. (amended) (sec.50A-ssec.2) For the purposes of subsection (1) , if a person or the person’s spouse— owns shares (whether beneficially or otherwise) in a company; or is a member of a firm; or is a director or employee of a company or of a firm; that stands to be benefited directly from the prescribed arrangement or proposed prescribed arrangement to which the motion relates he or she shall be taken to have a financial interest in that prescribed arrangement or, as the case may be, proposed prescribed arrangement. - (a) owns shares (whether beneficially or otherwise) in a company; or - (b) is a member of a firm; or - (c) is a director or employee of a company or of a firm;