No stockholder shall own shares of a greater par value than one fifth of the capital stock of the association or be entitled to more than one vote on any subject arising in the management of the association.
Notwithstanding the above provisions of this section, a telephone cooperative association may own a majority or all of the capital stock of another corporation or cooperative association and may cast votes on subjects pertaining to the management of the other corporation or cooperative association in an amount proportionally equal to the number of shares owned therein.
HISTORY: 1962 Code Section 12-809; 1952 Code Section 12-809; 1942 Code Section 8141; 1932 Code Section 8141; Civ. C. '22 Section 4335; 1915 (29) 235; 1983 Act No. 67, Section 1.