17-6507.   Voting rights of fiduciaries, pledgors andjoint owners of stock.(a) Persons holding stock in a fiduciary capacity shall be entitled to vote theshares so held. Persons whose stock is pledged shall be entitled to vote,unless in the transfer by the pledgor on the books of the corporation suchperson has expressly empowered the pledgee to vote thereon, in which case onlythe pledgee, or such pledgee's proxy, may represent such stock and votethereon.

      (b)   If shares or other securities having voting power stand of record in thenames of two or more persons, whether fiduciaries, members of a partnership,joint tenants, tenants in common, tenants by the entirety or otherwise, or iftwo or more persons have the same fiduciary relationship respecting the sameshares, unless the secretary of the corporation is given written notice to thecontrary and is furnished with a copy of the instrument or order appointingthem or creating the relationship wherein it is so provided, their acts withrespect to voting shall have the following effect:

      (1)   If only one votes, such person's act binds all;

      (2)   If more than one vote, the act of the majority so voting binds all;

      (3)   If more than one vote, but the vote is evenly split on any particularmatter, each faction may vote the securities in question proportionally, or anyperson voting the shares, or a beneficiary, if any, may apply to the districtcourt for the appointment of an additional person to act with the persons sovoting the shares, which shall then be voted as determined by a majority ofsuch persons and the person appointed by the court. If the instrument so filedshows that any such tenancy is held in unequal interests, a majority oreven-split for the purpose of this subsection shall be a majority oreven-split in interest.

      History:   L. 1972, ch. 52, § 60;L. 2004, ch. 143, § 32; Jan. 1, 2005.