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1997 SESSION

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HB 2408 Corporations; articles of incorporation, voting rights.

Introduced by: W. Tayloe Murphy, Jr. | all patrons    ...    notes | add to my profiles

SUMMARY:

Corporations; amendments to articles of incorporation; voting rights. Confirms that a corporation and its shareholders may agree in articles of incorporation to give different classes or series of shares voting rights as separate voting groups with respect to any proposed amendment of the articles. This result is permitted even if these classes or series would be affected in the same way by that amendment.

The bill also confirms that shares convertible into another class or series are not automatically permitted to vote on proposed changes in the terms of the underlying class or series. The bill stipulates that this voting privilege must be contained in the articles of incorporation.


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