17-1294. Same; voting rights of control shares; resolution.
17-1294
17-1294. Same; voting rights of control shares; resolution.
(a) Control shares acquired in a control share acquisition
have the same voting rights as were accorded the shares before the control
share acquisition only to the extent granted by resolution approved by the
shareholders of the issuing public corporation.
(b) To be approved under this section, the resolution must be approved by:
(1) The affirmative vote of a majority of all outstanding shares
entitled to vote in the election of directors voting by class if required
by the terms of the shares; and
(2) the affirmative vote of a majority of all outstanding shares
entitled to vote in the election of directors voting by class if required
by the terms of the shares, excluding all interested shares.
History: L. 1988, ch. 93, § 9; April 21.