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Amendment of Act of 2015 - new section 2A relating to ordinary and special resolutions
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43. The Act of 2015 is amended by the insertion of the following section after section 2:
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“Supplemental interpretation provisions regarding ordinary and special resolutions
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2A. (1) With respect to any question that may arise, during, or for the purposes of, any proceedings of a sub-fund or a class of members, as to whether any applicable requirement, whether arising under the instrument of incorporation of the ICAV concerned or otherwise, for—
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(a) a resolution to be passed as an ‘ordinary resolution’ by that sub-fund or class, or
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(b) a resolution to be passed as a ‘special resolution’ by that sub-fund or class,
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has been satisfied, subsection (2) or, as appropriate, subsection (3) shall have effect.
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(2) For the purposes of subsection (1)(a), a resolution passed by a simple majority of the votes cast by the members of the sub-fund or, as appropriate, of the class as, being entitled to do so, vote in person or by proxy at the general meeting concerned of the sub-fund or the meeting concerned of the class of members shall be regarded as an ordinary resolution.
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(3) For the purposes of subsection (1)(b), a resolution passed by not less than 75 per cent of the votes cast by the members of the sub-fund or, as appropriate, of the class as, being entitled to do so, vote in person or by proxy at the general meeting concerned of the sub-fund or the meeting concerned of the class of members shall be regarded as a special resolution.”.
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