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Sounds invalid to me.
To elect an executive committee, the chairman must first announce the names of the candidates of the executive committee (Reg 17(1)). Only eligible people may be nominated, and ghosts aren't eligible.
After the chairman declares nominations have closed, the owners corporation votes on how many seats will comprise the executive committee (Schedule 3, Clause 2(2).
You have seven valid nominations, but eight seats reserved. Each nominee has secured a seat because there are more seat vacancies than nominees. The eighth seat is cancelled, because it was not filled by a valid candidate (Reg 17(4)(a)). The executive committee is now finalised: it comprises seven seats by seven people.
* Also note, some people occupy several office bearer positions (ie. chair, secretary, and/or treasurer) of the executive committee in the mistaken belief that this gives that one person two or three votes. It doesn't. On the executive committee it's one head, one vote, and no ghosts.