(a)        A corporation may establish a procedure by which the beneficial owner of shares that are registered in the name of a nominee is recognized by the corporation as a shareholder.? The extent of this recognition may be determined in the procedure.

(b)        The procedure may set forth:

(1)        The types of nominees to which it applies;

(2)        The rights or privileges that the corporation recognizes in a beneficial owner;

(3)        The manner in which the procedure is selected by the nominee;

(4)        The information that must be provided when the procedure is selected;

(5)        The period for which selection of the procedure is effective; and

(6)        Other aspects of the rights and duties created. (1989, c. 265, s. 1.)

Terms Used In North Carolina General Statutes 55-7-23

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.