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NY A04678
Bill
Status
Introduced
2/4/2011
Primary Sponsor
Peter Rivera
Click for details
AI Summary
- Amends Business Corporation Law Section 618 to establish cumulative voting rights for shareholders owning 20% or more of issued and outstanding shares
- Allows such shareholders to petition the board of directors to amend the articles of incorporation to provide cumulative voting in director elections
- Requires the board to promptly amend articles before the next scheduled shareholder meeting for director elections, unless that meeting is scheduled less than 90 days from the petition date
- Permits shareholders with cumulative voting rights to cast votes equal to their share count multiplied by the number of directors to be elected, and distribute those votes as they choose among candidates
- Takes effect January 1 following enactment and applies to all director elections occurring on or after that date
Legislative Description
Provides that any shareholder who owns 20% or more of a corporation's shares shall be entitled to elect a proportional share of the board of directors.
Last Action
enacting clause stricken
9/4/2012
Committee Referrals
Corporations, Authorities and Commissions2/4/2011
Full Bill Text
No bill text available