As long as he has one property and it is financial, then he can still stand for election and vote.
However, only the unit entitlements for that property are counted in an vote at a general meeting. His unit entitlements for the unfinancial properties do not count in any vote or election at a general meeting.
He may not also nominate another person for election to the committee as that nomination has been used up and an owner can’t nominate anyone else if they are standing for election themselves. If he were financial in, say two other properties, he could nominate two other people.
If it makes it clearer, you have to differentiate between the person and the lot owner.
If he owns lots A, B and C, he should be considered as three different entities – Owner Lot A, Owner Lot B and Owner Lot C. If lot A is financial but the others aren’t then the owner of Lot A has full voting rights but the owners of Lots B and C don’t.
Frankly, I would be more worried about him paying all he owes on the other lots then nominating his mates on to the committee, regardless of whether they were owners or not.
And how come he gets himself elected every time? Just reduce the numbers on the committee, and make sure he has fewer votes than anyone else.