THE CORPORATIONS LAW

CHAPTER 2E - RELATED PARTY TRANSACTIONS

PART 2E.1 - MEMBER APPROVAL NEEDED FOR RELATED PARTY BENEFIT

Division 3 - Procedure for obtaining member approval

SECTION 225   VOTING ON THE RESOLUTION  

225(1)  [Passing of resolution]  

If any votes on the resolution are cast in contravention of subsection 224(1), it must be the case that the resolution would still be passed even if those votes were disregarded.

225(2)  [Poll]  

If a poll was duly demanded on the question that the resolution be passed, subsections (3) and (4) apply in relation to voting on the poll.

225(3)  [Details to be recorded]  

In relation to each member of the public company who voted on the resolution in person, the public company must record in writing:

(a)  the member's name; and

(b)  how many votes the member cast for the resolution and how many against.

225(4)  [Details of proxy or representative votes]  

In relation to each member of the public company who voted on the resolution by proxy, or by a representative authorised under section 250D, the public company must record in writing:

(a)  the member's name; and

(b)  in relation to each person who voted as proxy, or as such a representative, for the member:

(i) the person's name; and

(ii) how many votes the person cast on the resolution as proxy, or as such a representative, for the member; and

(iii) how many of those votes the person cast for the resolution and how many against.

225(5)  [Retention of records]  

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