OpenLegislation

Article 148 Proxy-holder with financial interest

Original text. Later amendments are not shown.

(1)

A proxy-holder must not vote for a resolution which would—

(a)

directly or indirectly place the proxy-holder or any associate of the proxy-holder in a position to receive any remuneration, fees or expenses from the assets of the SMCL; or

(b)

fix or change the amount of or the basis of any remuneration, fees or expenses receivable by the proxy-holder or any associate of the proxy-holder out of the assets of the SMCL.

(2)

However a proxy-holder may vote for such a resolution if the proxy specifically directs the proxy-holder to vote in that way.

(3)

Where an SMCL administrator is appointed as proxy-holder and that proxy is used under Rule 146(2) by another person acting as chair, the SMCL administrator is deemed to be an associate of the person acting as chair.