Cullen Bay Marina Regulations 1993

(1) Where the estate or interest of the owner of a lot is subject to a mortgage, the mortgagee or, if there are 2 or more mortgages, the mortgagee under whichever of the mortgages is entitled to priority over the other mortgages, may give to the Management Corporation written notice that the lot is subject to the mortgage and that he or she proposes to exercise the rights conferred by this regulation.

(2) Where a mortgagee of a lot has given notice under subregulation (1) and the mortgage has not been discharged, the right to vote in respect of the lot on a matter requiring a special resolution or a resolution without dissent that would, but for this subregulation, be exercisable by the owner of the lot:

(b) the mortgagee or his or her proxy is present at a general meeting of the Management Corporation at the time of voting; and

the right to vote in respect of the lot on a matter not requiring a special resolution or a resolution without dissent that would, but for this subregulation, be exercisable by the owner of the lot:

(4) Where 2 or more persons are mortgagees of a lot as joint tenants or as tenants in common:

(a) the right to give notice under this regulation is exercisable by them acting only jointly;

(b) the right to vote conferred on them by this regulation is exercisable by them only jointly; and

(c) for the purposes of subregulation (3), the mortgagees shall be deemed not to be present at a meeting unless their proxy is present at the meeting.

(b) one of the tenants has mortgaged his or her estate or interest as owner,

the mortgagee may give notice to the Management Corporation in accordance with subregulation (1) and the preceding provisions of this regulation then apply in relation to the right to vote that the mortgagor would, but for this subregulation, be entitled to exercise.