Common use of Voting on Resolutions Clause in Contracts

Voting on Resolutions. A resolution put to the vote of a meeting will be decided on a show of hands unless: (i) a poll is (before or on the declaration of the result of the show of hands) demanded by the chairperson or the Supervisor or by one or more Bondholders holding or representing not less than five per cent of the aggregate Principal Amount of the Bonds then on issue and outstanding; or (ii) the resolution to be voted on is an Extraordinary Resolution in which case a poll must be taken when voting on such Extraordinary Resolution. Unless a poll is so demanded or required a declaration by the chairperson that a resolution has been carried or carried unanimously or by a particular majority or lost will be conclusive evidence of the fact without proof of the number or proportion of the votes recorded in favour of or against such resolution.