What you are saying seems logical but you also have to address what it says on the official proxy form. which refers to proxies “held” rather than employed in a vote.
In case there are contradictory impressions given by the Act and the form, you might pay particular attention to the final note on the form:
2. A proxy is not authorised to vote on a matter … if the right to vote on any such matter is limited by this form.
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