(1) Subject to subsections (2) and (3), at a meeting of a strata company, or of a council of a strata company, a person shall not vote as a proxy of another person on a motion relating to a management contract or arrangement with the strata company if the person (}the proxy~) has a financial interest in the contract or arrangement.

(2) Subsection (1) does not apply if ¾

(a) notice of the meeting included notice of the motion and, where applicable, the particulars described in subsection (3); and

(b) the instrument appointing the proxy expressly authorizes the proxy to vote on the motion and specifies whether the proxy is to vote for or against it.

(3) Where the motion relates to the strata company entering into or renewing a management contract or arrangement with a person, notice of the motion shall include ¾

(a) the name of that person;

(b) the duration of the proposed contract or arrangement; and

(c) the remuneration that is payable under it.

(4) For the purposes of this section the proxy has a financial interest in a contract or arrangement if the proxy or his or her spouse ¾

(a) owns shares (whether beneficially or otherwise) in a company;

(b) is a member of a firm; or

(c) is a director or employee of a company or of a firm,

that benefits or will benefit directly from the contract or arrangement to which the motion relates.

(5) In this section ¾

}management contract or arrangement~ means a contract or arrangement, or a proposed contract or arrangement, for the provision to the strata company of services in connection with the strata company's powers and duties under this Act.

[Section 50A inserted by No. 58 of 1995 s.48.]