§ 7.23.

131 words·~1 min read·/vt/7-23-2

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

§ 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 is recognized by the corporation as the shareholder. The extent of this recognition may be determined 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)the information that must be provided when the procedure is selected;

(5)the period for which selection of the procedure is effective; and

(6)other aspects of the rights and duties created. (Added 1993, No. 85, § 2, eff. Jan. 1, 1994.)