Section 7.21: Voting entitlement of shares
192 words·~1 min read·
/ma/part-i/title-xxii/chapter-156d/7-10·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 7.21. VOTING ENTITLEMENT OF SHARES
(a)Except as provided in subsections
(b)and
(c)or unless the articles of organization provide otherwise, each outstanding share, regardless of class, is entitled to 1 vote on each matter voted on at a shareholders' meeting. Pursuant to subsection
(c)of section 6.04 each fractional share is entitled to a proportional vote. Only shares are entitled to vote.
(b)Absent special circumstances, the shares of a corporation are not entitled to vote if they are owned, directly or indirectly, by another entity of which the corporation owns, directly or indirectly, a majority of the voting interests.
(c)Subsection
(b)shall not limit the power of a corporation to vote any shares, including its own shares, held by it, directly or indirectly, in a fiduciary capacity.
(d)Unless the articles of organization provide otherwise, redeemable shares are not entitled to vote after notice of redemption is given to the holders and a sum sufficient to redeem the shares has been deposited with a bank, trust company or other financial institution under an irrevocable obligation to pay the holders the redemption price upon surrender of the shares.