35Voting by mortgagees

35 Voting by mortgagees (1) If a unit owner's interest in a unit is subject to a mortgage, the mortgagee may give the body corporate written notice that: (a) the unit is subject to the mortgage; and (b) the mortgagee proposes to exercise voting rights under this clause.

Schedule 3 Management module 3 – small scheme Unit Title Schemes (Management Modules) Regulations 2009 67 (2) If the mortgagee gives the notice: (a) the member does not have a right to vote in relation to the unit; and (b) the mortgagee has the right to vote in relation to the unit. (3) If the mortgage is discharged, the mortgagee's right to vote ends. (4) If 2 or more persons are mortgagees of a unit as joint tenants or tenants in common: (a) the right to give notice under subclause (1) may be exercised only by the mortgagees jointly; and (b) the right to vote may be exercised only by the mortgagees jointly. (5) If a unit is held by 2 or more members as tenants in common and one of the members has mortgaged the member's interest in the unit: (a) the mortgagee may give notice to the body corporate under subclause (1); and (b) this clause applies to the mortgagee in relation to the right to vote that the mortgagor may otherwise exercise. (6) In this clause: mortgagee, if there are 2 or more mortgages, means the mortgagee under the mortgage entitled to priority over the other mortgage or mortgages.