Section 7.23: Shares held by nominees
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/ma/part-i/title-xxii/chapter-156d/7-12·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 7.23. SHARES HELD BY NOMINEES
(a)A corporation may establish a procedure by which the beneficial owner of shares that are registered in the name of a nominee will be recognized by the corporation as the shareholder, to the extent provided in the procedure.
(b)The procedure may set forth:
(1)the types of nominees to which it applies;
(2)the rights or privileges that the corporation recognizes in a beneficial owner;
(3)the manner in which the procedure is selected by the nominee;
(4)a requirement for the certification by the nominee of the beneficial holders;
(5)the information that must be provided when the procedure is selected;
(6)the period for which selection of the procedure is effective; and
(7)other aspects of the rights and duties created.