§ 4005 — Voting

(a) Voting at a meeting may be either in person or by proxy executed in writing by the member or stockholder or by his duly authorized attorney-in-fact. (b) In the determination of all questions requiring ascertainment of who is entitled to vote and of the number of outstanding shares, the following rules shall apply: (1) The date of determination shall be the record date for voting provided in this Act. (2) Each person holding one or more withdrawable accounts in a mutual savings bank shall have the vote of one share for each $100 of the aggregate withdrawal value of the accounts and shall have the vote of one share for any fraction of $100; however, subject to regulation of the Commissioner, a mutual savings bank may in its by-laws limit the number of votes a person may cast to 1,000 votes. A mutual savings bank may adopt a different voting arrangement if the Commissioner finds that the arrangement would not be inequitable to members and if the members approve the arrangement by an affirmative vote of at least two-thirds of the votes entitled to be cast, however, the voting arrangement need not obtain the foregoing member approval if such voting arrangement is otherwise approved as part of a corporate change under this Act. (3) Each holder of capital stock held shall have one vote for each share held. (4) Shares owned by the savings bank shall not be counted or voted. (5) A savings bank authorized to issue stock shall provide in its articles of incorporation that voting rights shall be vested exclusively in stockholders.

Legislative History

(Source: P.A. 91-97, eff. 7-9-99; 92-483, eff. 8-23-01.)