§ 1213. Election of directors; cumulative voting
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 7 P.S. Banks and Banking
7 P.S. § 1213
§ 1213. Election of directors; cumulative voting
(b) Except as provided in the article of incorporation, in each election of directors, every shareholder entitled to vote shall have the right, in person or by proxy, to multiply the number of votes to which he may be entitled by the total number of directors to be elected in the same election by the holders of the class or classes of shares of which his shares are a part, and he may cast the whole number of such votes for one candidate or he may distribute them among any two or more candidates. The candidates receiving the highest number of votes from each class or group of classes entitled to elect directors separately, up to the number of directors to be elected in the same election by such class or group of classes, shall be elected.
Credits
1965, Nov. 30, P.L. 847, No. 356, § 1213. Amended 1988, Dec. 21, P.L. 1416, No. 173, § 10, effective in 30 days.
7 P.S. § 1213, PA ST 7 P.S. § 1213
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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