HB 2408 Corporations; articles of incorporation, voting rights.
W. Tayloe Murphy, Jr. | all patrons    ...    notes
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Corporations; amendments to articles of incorporation; voting rights. Confirms that a corporation and its shareholders may agree in articles of incorporation to give different classes or series of shares voting rights as separate voting groups with respect to any proposed amendment of the articles. This result is permitted even if these classes or series would be affected in the same way by that amendment.

The bill also confirms that shares convertible into another class or series are not automatically permitted to vote on proposed changes in the terms of the underlying class or series. The bill stipulates that this voting privilege must be contained in the articles of incorporation.

Full text:
01/20/97  House: Presented & ordered printed 970601376  pdf
02/26/97  House: Bill text as passed House and Senate (HB2408ER)  pdf
03/19/97  Governor: Acts of Assembly Chapter text (CHAP0400)  pdf

01/20/97  House: Presented & ordered printed 970601376
01/20/97  House: Referred to Committee on Corporations, Insurance and Banking
01/30/97  House: Reported from Corp., Ins. & Banking (21-Y 0-N)
01/31/97  House: Read first time
02/01/97  House: Read second time and engrossed
02/02/97  House: Read third time and passed House (Block Vote) (100-Y 0-N)
02/02/97  House: VOTE: BLOCK VOTE PASSAGE (100-Y 0-N)
02/02/97  House: Communicated to Senate
02/03/97  Senate: Constitutional reading dispensed (36-Y 4-N)
02/03/97  Senate: Referred to Committee on Commerce and Labor
02/17/97  Senate: Reported from Commerce and Labor (15-Y 0-N)
02/18/97  Senate: Const. reading disp., passed by for the day (39-Y 0-N)
02/18/97  Senate: VOTE: CONST. READING DISPENSED (39-Y 0-N)
02/19/97  Senate: Read third time
02/19/97  Senate: Passed Senate (39-Y 0-N)
02/19/97  Senate: VOTE: PASSAGE (39-Y 0-N)
02/26/97  House: Bill text as passed House and Senate (HB2408ER)
03/07/97  House: Enrolled
03/07/97  House: Signed by Speaker
03/08/97  Senate: Signed by President
03/15/97  Governor: Approved by Governor-Chapter 400 (effective 7/1/97)
03/19/97  Governor: Acts of Assembly Chapter text (CHAP0400)