Document ID: chunk:federal_register_of_legislation:C2004A04501:schedule:3:p15
Version: federal_register_of_legislation:C2004A04501
Segment Type: schedule
Provision Reference: sch 3 (pt 15/16)
Character Range: 151008–153663

a related party of the public company to whom the resolution would permit a financial benefit to be given; or

  (b)     an associate of such a related party.

  "(2) Subsection (1) does not prevent the casting of a vote if:

    (a)     it is cast by a person as a proxy appointed by writing that specifies how the proxy is to vote on the proposed resolution; and

    (b)     it is not cast on behalf of a related party or associate of a kind referred to in subsection (1).

"(3) The regulations may prescribe cases where subsection (1) does not apply.

  "(4) The Commission may by writing declare that:

    (a)     subsection (1) does not apply to a specified proposed resolution; or

    (b)     subsection (1) does not prevent the casting of a vote, on a specified proposed resolution, by a specified entity, or on behalf of a specified entity;

but may only do so if satisfied that the declaration will not cause unfair prejudice to the interests of any member of the public company.

  "(5) A declaration in force under subsection (4) has effect accordingly.

"(6) If a vote is cast in contravention of subsection (1), the related party or associate, as the case may be, contravenes this subsection, whether or not the proposed resolution is passed.

Note: If the related party is not itself a legal person, see section 243ZG.

"(7) For the purposes of this section, a vote is cast on behalf of an entity if, and only if, it is cast:

  (a)     as proxy for the entity; or

  (b)     otherwise on behalf of the entity; or

    (c)     in respect of a share in respect of which the entity has power to vote as defined in section 30.

"(8) Subject to subsection 243ZB(1), a contravention of this section does not affect the validity of a resolution.

Contraventions by an entity that is not a legal person

"243ZG. If an entity (other than a body corporate) constituted by 2 or more persons contravenes subsection 243ZE(2) or 243ZF(6), then, for the purposes of this Law, each of those persons contravenes that subsection.

Retaining records made under section 243ZB

"243ZH. For 7 years after the day when a resolution under Division 5 is passed, the public company must retain the records it made under section 243ZB in relation to the resolution.

Effect of Part

"243ZI.(1) Sections 243H, 243ZE and 243ZF have effect despite anything else in this Law or in any other law of this jurisdiction, or anything in a body corporate's constitution.

  "(2) Sections 243J to 243R, inclusive, have effect subject to:

   (a)     this Law (other than this Part); and

   (b)     any other law of this jurisdiction or anywhere else; and

     (c)     the