§ 7-107-107 — Record date

(1) The bylaws may fix or provide the manner of
fixing a future date as the record date for one or more voting groups in order to
determine the shareholders entitled to be given notice of a shareholders' meeting,
to demand a special meeting, to vote, or to take any other action, and if the bylaws
do not fix or provide for fixing a record date, the board of directors may fix a future
date as the record date; except that the record date for determining the
shareholders entitled to take action without a meeting or entitled to be given notice
of action so taken shall be determined as provided in section 7-107-104 (4).

(2) A record date fixed under this section shall not be more than seventy
days before the meeting or action requiring a determination of shareholders.

(3) A determination of shareholders entitled to be given notice of or to vote
at a shareholders' meeting is effective for any adjournment of the meeting unless
the board of directors fixes a new record date, which it shall do if the meeting is
adjourned to a date more than one hundred twenty days after the date fixed for the
original meeting.

(4) If a court orders a meeting adjourned to a date more than one hundred
twenty days after the date fixed for the original meeting, it may provide that the
original record date continues in effect or it may fix a new record date.

Legislative History

Source: L. 93: Entire article added, p. 768, � 1, effective July 1, 1994.