Document ID: chunk:federal_register_of_legislation:C2019A00037:clause:1_51m
Version: federal_register_of_legislation:C2019A00037
Segment Type: clause
Provision Reference: sch 1 cl 51M
Character Range: 2170–3100

51M  Mutual entities
 (1) A company is a mutual entity if:
 (a) the company is registered under this Act; and
 (b) the company's constitution provides that a person has no more than one vote at a general meeting of the company for each capacity in which the person is a member of the company.
 (2) To avoid doubt:
 (a) the requirement in paragraph (1)(b) does not fail to be satisfied merely because the company's constitution provides that:
 (i) 2 or more persons may together be joint members of the company; and
 (ii) those persons each have one vote at a general meeting of the company; and
 (b) that requirement does not fail to be satisfied merely because the company's constitution provides that:
 (i) a person may vote as proxy or representative at a general meeting of the company; and
 (ii) as a result of voting as a proxy or representative, the person may have more than one vote at a general meeting of the company.