Document ID: chunk:federal_register_of_legislation:F2020L01199:body:0:p2
Version: federal_register_of_legislation:F2020L01199
Segment Type: other
Provision Reference: 
Character Range: 2801–3848

the arrangement) under which securities are held on trust for, or on behalf of, the beneficial owner by the custodian or its nominee.
           special resolution of beneficial owners, in relation to conversion and termination provisions included in a custodial arrangement, means a resolution that has been passed by at least 75% of the votes cast by beneficial owners where:
              (a) only beneficial owners can vote on the resolution; and
              (b) each beneficial owner is entitled to cast a vote for each security held on trust for, or on behalf of, the beneficial owner under the custodial arrangement; and
              (c) Part 2G.2 applies as if each beneficial owner were a member of the company.".

6 Proprietary scrip in control transactions
    Chapter 6D of the Act applies to all persons as if section 708 were modified or varied by, after subsection (18), inserting the following subsection:
"Limitations
            (18A) Subsections (17) and (18) do not apply to an offer of securities in a proprietary company."