47-1A-721.1. Limitation on voting entitlement of shares when owned by a second corporation--Shares held in fiduciary capacity.
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/sd/title-47/chapter-47-1/47-1a-721-1·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Absent special circumstances, the shares of a corporation are not entitled to vote if they are owned, directly or indirectly, by a second corporation, domestic or foreign, and the first corporation owns, directly or indirectly, a majority of the shares entitled to vote for directors of the second corporation. This section does not limit the power of a corporation to vote any shares, including its own shares, held by it in a fiduciary capacity.