Voting by mortgagees
43 Voting by mortgagees
(1) If a unit owner's interest in a unit is subject to a mortgage, the mortgagee may give the corporation written notice that:
the unit is subject to the mortgage; and
(b) the mortgagee proposes to exercise voting rights under this clause.
If the mortgagee gives the notice:
(a) the member does not have a right to vote in relation to the unit; and
the mortgagee has the right to vote in relation to the unit.
(3) If the mortgage is discharged, the mortgagee's right to vote ends.
(4) If 2 or more persons are mortgagees of a unit as joint tenants or tenants in common:
(a) the right to give notice under subclause (1) may be exercised only by the mortgagees jointly; and
(b) the right to vote may be exercised only by the mortgagees jointly.
(5) If a unit is held by 2 or more members as tenants in common and one of the members has mortgaged the member's interest in the unit:
(a) the mortgagee may give notice to the corporation under subclause (1); and
(b) this clause applies to the mortgagee in relation to the right to vote that the mortgagor may otherwise exercise.
In this clause:
mortgagee, if there are 2 or more mortgages, means the mortgagee under the mortgage entitled to priority over the other mortgage or mortgages.
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