(1) Except as otherwise provided in subsections (2) and (4) of this section or in the articles of incorporation, each outstanding share, regardless of class, is entitled to one vote, and each fractional share is entitled to a corresponding fractional vote, on each matter voted on at a shareholders' meeting. Only shares are entitled to vote.
Except as otherwise ordered by a court of competent jurisdiction upon a finding thatthe purpose of this subsection (2) would not be violated in the circumstances presented to the court, the shares of a corporation are not entitled to be voted if they are owned, directly or indirectly, by a second corporation, domestic or foreign, and the first corporation owns, directly or indirectly, a majority of the shares entitled to vote for directors of the second corporation.
Subsection (2) of this section does not limit the power of a corporation to vote anyshares, including its own shares, held by it in a fiduciary capacity.
Redeemable shares are not entitled to be voted after notice of redemption is mailed tothe holders and a sum sufficient to redeem the shares has been deposited with a bank, trust company, or other financial institution under an irrevocable obligation to pay the holders the redemption price on surrender of the shares.
Source: L. 93: Entire article added, p. 770, § 1, effective July 1, 1994.