The new proxy form – which must be used for appointing proxies – offers an alternative nomination should your first choice’s allocation be exhausted.
Also, it’s worth noting that the co-owner of a unit who is not the person named first on the strata roll needs the permission of the other owner to act as the proxy for the joint ownership. By my reading (and I may be wrong) that would use up one of their permitted allocations of proxy votes.
It’s going to be interesting in some AGMs as some people who thought they had a stack proxies turn out to have at least one fewer.