Indigenisation and Economic Empowerment Act updated as at 8th May 2015 Proxies 51.1 The instrument appointing a proxy shall be in writing and signed by the appointer of his or her agent, duly authorised in writing. 51.2 The instrument of proxy shall be in the form approved by the Board. 51.3 The instrument of proxy and the power of attorney or other authority under which it is signed, or a notarially authenticated copy of such power of attorney, shall be deposited at such place as the Board, or the managers with the approval of the Board, may specify in the notice convening the meeting or, if no place is appointed, then at the registered office of the managers not less than 48 hours before the time appointed for holding the meeting or adjourned meeting, or, in the case of a poll, before the time appointed for the taking of the poll and in default the instrument of proxy shall be deemed invalid. 51.4 A vote given in accordance with the terms of an instrument of proxy shall be valid notwithstanding the previous death or insanity of the principal or revocation of the proxy or authority under which the proxy was executed or the transfer of units in respect of which the proxy is given, provided that no transfer has been registered by the Board before commencement of the meeting or adjourned meeting at which the proxy is used. Power of Meeting 52.1 A meeting of unit holders duly convened and held in accordance with this part shall be competent by extraordinary resolution to: 52.1.1 sanction any amendment, alteration or addition to the provisions of this Schedule which have been agreed by the Board and the managers as provided in Part 14; 52.1.2 require the resignation of the managers but shall not have any further powers 52.2 For the purpose of this paragraph, an extraordinary resolution means a resolution passed by a majority consisting of not less than seventy-five percent (75%) of the total number of votes cast for and against the resolution. PART 12 VOTING RIGHTS Voting rights on deposited property 53.1 Except as otherwise expressly provided, all rights of voting conferred by any of the deposited property shall be exercised in such manner as the managers may in writing direct and the managers may refrain at their own discretion from the exercise of any voting rights and no unit holder shall have any right to interfere or complain. 53.2 The Board shall upon written request by the managers, and at its expense, from time to time execute and deliver or cause to be executed or delivered to the managers or their nominees sufficient powers of attorney or proxies, in such name or names as the managers may request, authorising such attorneys and proxies to vote, consent or otherwise act in respect of all or any part of the deposited property. 53.3 The managers shall be entitled to exercise such rights in what they may consider to the best interests of the unit holders, but neither the managers nor the Board shall be under any liability or responsibility in respect of the management of the investment in question or in - 41 -