Treasury Laws Amendment (Mutual Reforms) Act 2019 (37 of 2019)

Schedule 1   Mutual entities

Corporations Act 2001

2   After Division 6A of Part 1.2

Insert:

Division 6B - Mutual entities

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.


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