SINGAPORE: The number of owners a proxy can represent at general meetings for en bloc sales will be restricted from January 2021, said the Ministry of Law (MinLaw) on Tuesday (Sep 29).
Under the Land Titles (Strata) Act (LTSA), an owner of a strata-titled property may appoint a proxy to attend general meetings for en bloc sales and vote on proposals that are submitted at such meetings. The proxy can also vote on the election of members of the collective sale committee.
“However, there is no restriction on the number of owners a proxy may represent,” said MinLaw.
“We will strengthen the safeguards in the LTSA to encourage owners to participate in person in such general meetings and minimise the risk of proxy abuse.”
The ministry said it intends to amend the LTSA to set a cap for proxy holders at either 2 per cent of the total number of lots in a strata development or two lots, whichever is higher.
“We will also improve the form of instrument to appoint a proxy, to allow the proxy giver to explicitly direct his proxy to vote as he intended,” MinLaw added in its press release on Tuesday.
Developments have been told to make the “necessary preparations” before January 2021 to ensure they comply with the proxy restrictions.
MinLaw said that other than the alternative meeting arrangements set out in the COVID-19 (Temporary Measures) Act, the relevant provisions in the LTSA relating to general meetings for en bloc sales will continue to be in force.
Published at Tue, 29 Sep 2020 12:09:36 +0000