271B.7-250 Quorum and voting requirements for voting groups.
(1)
(2)
(3)
(4)
(5)
Shares entitled to vote as a separate voting group may take action on a matter at a
meeting only if a quorum of those shares exists with respect to that matter. Unless
the articles of incorporation or this chapter provide otherwise, a majority of the
votes entitled to be cast on the matter by the voting group shall constitute a quorum
of that voting group for action on that matter.
Once a share is represented for any purpose at a meeting, it shall be deemed present
for quorum purposes for the remainder of the meeting and for any adjournment of
that meeting, unless a new record date is or must be set for that adjourned meeting.
If a quorum exists, action on a matter (other than the election of directors) by a
voting group shall be approved if the votes cast within the voting group favoring the
action exceed the votes cast opposing the action, unless the articles of incorporation
or this chapter require a greater number of affirmative votes.
An amendment of articles of incorporation adding, changing, or deleting a quorum
or voting requirement for a voting group greater than specified in subsection (1) or
(3) of this section shall be governed by KRS 271B.7-270.
The election of directors shall be governed by KRS 271B.7-280.
Effective: January 1, 1989
History: Created 1988 Ky. Acts ch. 23, sec. 61, effective January 1, 1989.
Disclaimer: These codes may not be the most recent version. Kentucky may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.