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If you are in NSW (and just about anywhere else) it is the owners both present and by proxy who can vote (provided their levies are up to date).
Owners entitled to vote can nominate anyone they want – whether they are an owner or not – although co-owners can’t nominate themselves (but one can nominate the other, providing her or she isn’t standing for election).
You can call for a poll vote (based on unit entitlements) and you can ask to check the validity of all the proxies – they have to be on the correct form and submitted more than 24 hours before the meeting.
This, by the way, is where proxy harvesting really kicks in. The EC round up all their proxies, elect only the people they want on the committee, control the flow of information – only good news, never bad – and make sure they get all the proxies again the next time round.
Power corrupts – absolute power corrupts absolutely.