For future reference wrt caps and maximums on CRs / SPPs... CRs...

For future reference wrt caps and maximums on CRs / SPPs...

CRs often state a cap or maximum and say excess applications MAY be accepted (and sometimes give an upper limit on oversubscription),

some give a cap and a per shareholder cap and say applications MAY be scaled back (like recent SXY SPP) and some say applications WILL be scaled back.

WILL is crystal clear, MAY is not.

Is the cap that doesn't specifically deal with oversubscription and uses MAY a firm maximum cap under listing rules / law or can it be increased to fill oversubscription?

Anyone know for sure and or can reference the appropriate section in law or ASX rules that deals with this?