It requires an amendment to the constitution which would have to be voted upon by the shareholders not the board. It is automatically removed after ten years in Sept 2021. Seeing that it was voted upon in 2015 for a continuation of the second 5 years(2016 -2021) after the initial 5 years from listing as required under the constitution by members and only just passed.
Any shareholder can call a meeting with the required numbers. The regulatory body would have little say as the shareholder cap limit was placed by the board and farmer shareholders when going through the listing process to appease certain farmer shareholders and get approval for the listing. The removal of the cap will not effect the regulatory shareholding cap of 21%(with creep etc it may exceed) which is a requirement of all ASX listed companies.
However I do agree that any takeover is unlikely to get approval from FIRB in the current climate but this does not stop someone from trying.
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