§ 7-107-205 — Corporation's acceptance of votes

Colorado § 7-107-205

• Jurisdiction: Colorado
• Title 07: Corporations
• Art.: Shareholders

Text

(1) If the name signed on a
vote, ballot, consent, waiver, proxy appointment, or proxy appointment revocation
corresponds to the name of a shareholder, the corporation, if acting in good faith, is
entitled to accept the vote, ballot, consent, waiver, proxy appointment, or proxy
appointment revocation and to give it effect as the act of the shareholder.

(2) If the name signed on a vote, ballot, consent, waiver, proxy appointment,
or proxy appointment revocation does not correspond to the name of a shareholder,
the corporation, if acting in good faith, is nevertheless entitled to accept the vote,
ballot, consent, waiver, proxy appointment, or proxy appointment revocation and to
give it effect as the act of the shareholder if:

(a) The shareholder is an entity and the name signed purports to be that of
an officer or agent of the entity;

(b) The name signed purports to be that of an administrator, executor,
guardian, or conservator representing the shareholder and, if the corporation
requests, evidence of fiduciary status acceptable to the corporation has been
presented with respect to the vote, ballot, consent, waiver, proxy appointment, or
proxy appointment revocation;

(c) The name signed purports to be that of a receiver or trustee in
bankruptcy of the shareholder and, if the corporation requests, evidence of this
status acceptable to the corporation has been presented with respect to the vote,
ballot, consent, waiver, proxy appointment, or proxy appointment revocation;

(d) The name signed purports to be that of a pledgee, beneficial owner, or
attorney-in-fact of the shareholder and, if the corporation requests, evidence
acceptable to the corporation of the signatory's authority to sign for the
shareholder has been presented with respect to the vote, ballot, consent, waiver,
proxy appointment, or proxy appointment revocation;

(e) Two or more persons are the shareholder as cotenants or fiduciaries and
the name signed purports to be the name of at least one of the cotenants or
fiduciaries and the person signing appears to be acting on behalf of all the
cotenants or fiduciaries; or

(f) The acceptance of the vote, ballot, consent, waiver, proxy appointment, or
proxy appointment revocation is otherwise proper under rules established by the
corporation that are not inconsistent with the provisions of this subsection (2).

(3) The corporation is entitled to reject a vote, ballot, consent, waiver, proxy
appointment, or proxy appointment revocation if the secretary or other officer or
agent authorized to tabulate votes, acting in good faith, has reasonable basis for
doubt about the validity of the signature on it or about the signatory's authority to
sign for the shareholder.

(4) Neither the corporation nor the person authorized to count votes that
accepts or rejects a vote, ballot, consent, waiver, proxy appointment, or proxy
appointment revocation in good faith and in accordance with the standards of this
section is liable in damages for the consequences of the acceptance or rejection.

(5) Corporate action based on the acceptance or rejection of a vote, ballot,
consent, waiver, proxy appointment, or proxy appointment revocation under this
section is valid unless a court of competent jurisdiction determines otherwise.

Legislative History

Source: L. 93: Entire article added, p. 773, � 1, effective July 1, 1994. L. 2019: Entire section amended, (SB 19-086), ch. 166, p. 1928, � 33, effective July 1, 2020.