504.712 - VOTING ENTITLEMENT GENERALLY.
504.712 VOTING ENTITLEMENT GENERALLY. 1. The right of the members of a corporation, or any class or classes of members, to vote may be limited, enlarged, or denied to the extent specified in the articles of incorporation or, if the articles of incorporation so provide, by the bylaws. Unless so limited, enlarged, or denied, each member, regardless of class, shall be entitled to one vote on each matter submitted to a vote of members. 2. Unless the articles or bylaws provide otherwise, if a membership stands of record in the names of two or more persons, the persons' acts with respect to voting shall have the following effect: a. If only one votes, such act binds all. b. If more than one votes, the vote shall be divided on a pro rata basis.
Section History: Recent Form 2004 Acts, ch 1049, §64, 192