Cullen Bay Marina Regulations 1993

(1) At a meeting of the Management Corporation, a person who has a financial interest in a prescribed arrangement or a proposed prescribed arrangement is not entitled to vote as proxy for another person or as a nominee of a corporation on a motion relating to the prescribed arrangement or proposed prescribed arrangement.

(2) For the purposes of subregulation (1), where a person or a spouse or de facto partner of the person:

(a) are the owners of shares, whether or not beneficially, in a company;

that stands to benefit directly from a prescribed arrangement or a proposed prescribed arrangement to which the motion relates, the person shall be taken to have a financial interest in the arrangement.

(3) For the purposes of this regulation, a prescribed arrangement means an agreement or arrangement between:

(a) in the case of a registered lot, the Management Corporation or the Developer and any other person; or

(b) in the case of a proposed lot, the Developer and any other person,

being an agreement or arrangement:

(d) for the carrying out of a function or power of the Management Corporation under regulation 7 or 8;

(e) for the protection of the common property or a part of it or of the security of the occupants of the lots;

(g) under which the rights of an owner of a lot are or are likely to be affected to a material extent.