Victorian Consolidated Legislation

Trustee Companies Act 1984 - SECT 20

Certain voting rights not exercisable

20. Certain voting rights not exercisable



(1) Where a trustee company is, by reason of being an agent of a person, or
the executor or administrator of the estate of a deceased person, a holder or
entitled to be registered as the holder of a voting share in the trustee
company or in a related corporation, the voting rights attached to that share
are not exercisable by the trustee company except in one or more of the
following circumstances-

   (a)  upon a proposal to reduce the share capital of the trustee company or
        the corporation;

   (b)  upon a proposal that affects rights attached to the share;

   (c)  upon a proposal to wind up the trustee company or the corporation;

   (d)  upon a proposal for the disposal of the whole of the property,
        business or undertaking of the trustee company or corporation;

   (e)  during the winding up of the trustee company or corporation.

(2) Notwithstanding subsection (1), where a trustee company is, by reason of
being an agent of a person, a holder, or entitled to be registered as the
holder, of a voting share in the trustee company or in a related company, the
voting rights attached to that share are exercisable by the trustee company in
any circumstances if-

   (a)  that person has given to the trustee company instructions in writing
        as to the exercise of voting rights in those circumstances; and

   (b)  the voting rights are exercised in those circumstances in accordance
        with those instructions.