Article 143 Specific and continuing proxies

(1)

A “proxy” is a document made by a creditor, member or contributory which directs or authorises another person (“the proxy-holder”) to act as the representative of the creditor, member or contributory at a meeting or meetings by speaking, voting, abstaining or proposing resolutions.

(2)

A proxy may be either—

(a)

a specific proxy which relates to a specific meeting; or

(b)

a continuing proxy for the SMCL administration proceedings.

(3)

A specific proxy must—

(a)

direct the proxy-holder how to act at the meeting by giving specific instructions;

(b)

authorise the proxy-holder to act at the meeting without specific instructions; or

(c)

contain both direction and authorisation.

(4)

A proxy is to be treated as a specific proxy for the meeting which is identified in the proxy unless it states that it is a continuing proxy for the SMCL administration proceedings.

(5)

A continuing proxy must authorise the proxy-holder to attend, speak, vote or abstain, or to propose resolutions without giving the proxy-holder any specific instructions how to do so.

(6)

A continuing proxy may be superseded by a proxy for a specific meeting or withdrawn by notice delivered to the SMCL administrator.

(7)

A creditor, member or contributory may appoint more than one person to be proxy-holder but if so—

(a)

their appointment is as alternates; and

(b)

only one of them may act as proxy-holder at a meeting.

(8)

The proxy-holder must be an individual.