Queensland Consolidated Acts

BUILDING UNITS AND GROUP TITLES ACT 1980 - SECT 50A

50A Certain voting by proxy etc. restricted

(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 the person’s coproprietor or comortgagee) or as company nominee of a corporation (other than a corporation where the company nominee is the majority shareholder or all of the shares are 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.

(1A) For the purposes of subsection (1) —

"family" means the spouse, parent, brother, sister or child of the company nominee.

(2) For the purposes of subsection (1) , if a person or the person’s spouse—

(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;

that stands to be benefited directly from the prescribed arrangement or proposed prescribed arrangement to which the motion relates the person shall be taken to thereby have a financial interest in that prescribed arrangement or, as the case may be, proposed prescribed arrangement.