17-6504. Cumulative voting.
17-6504
17-6504. Cumulative voting.
The articles of incorporation of any corporation may provide that at all
elections of directors of the corporation, or at elections held under specified
circumstances, each holder of stock or of any class or classes or of a series
or series thereof shall be entitled to as many votes as shall equal the number
of votes which, except for such provision as to cumulative voting, such holder
would be entitled to cast for the election of directors with respect to such
holder's shares of stock multiplied by the number of directors to be elected by
such holder, and that such holder may cast all of such votes for a single
director or may distribute them among the number to be voted for, or for any
two or more of them as such holder may see fit, provided that this section
shall not apply to a corporation organized before April 21, 1988, unless the
stockholders of such corporation shall amend its articles of incorporation
to eliminate the requirements of cumulative voting in force at the time of
its organization.
History: L. 1972, ch. 52, § 57;
L. 1988, ch. 99, § 1;
Revived and amend., L. 1988, ch. 100, § 1;
L. 2004, ch. 143, § 29; Jan. 1, 2005.