§ 13-5-516 — Voting by shareholders and members generally; balloting for directors and managers

(a) Unless the public trust company's governing documents
provide otherwise:
(i) Each share or membership interest entitles the
owner to one (1) vote on all elections of directors or managers
and all other questions submitted at meetings of shareholders or
members. Shareholders or members may vote by proxies executed in
writing but no officer, clerk, teller or bookkeeper of the
public trust company shall act as proxy. The presence in person
or by proxy of the owners of at least fifty-one percent (51%) of
the issued and outstanding capital stock or membership interest
at any meeting of stockholders or members constitutes a quorum;
(ii) In balloting for directors or managers each
qualified shareholder or member may vote the number of shares or
amount of membership interest owned by him for as many directors
or managers as are to be elected or may cumulate his votes by
giving one (1) candidate the number of votes equal to the number
of directors or managers to be elected multiplied by the number
of his shares or percentage of membership interest and he may
distribute his votes cumulatively on the same principle among
any number of candidates. The persons having the highest number
of votes shall be declared elected as the board of directors or
as managers for the ensuing corporate year.