16-10a-723. Shares held by nominees.

147 words·~1 min read·/ut/title-16/chapter-10a/16-10a-723

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)A corporation may establish a procedure by which the beneficial owner of shares that are registered in the name of a nominee is recognized by the corporation as the shareholder. The extent of this recognition may be determined in the procedure.

(2)The procedure described in Subsection

(1)may set forth:

(a)the types of nominees to which it applies;

(b)the rights or privileges that the corporation recognizes in a beneficial owner, which may include rights or privileges other than voting;

(c)the manner in which the procedure may be used by the nominee;

(d)the information that shall be provided by the nominee when the procedure is used;

(e)the period for which the nominee's use of the procedure is effective; and

(f)other aspects of the rights and duties created.

Amended by Chapter 378 , 2010 General Session