Michigan Laws 450.1445 – Voting shares held by representatives or fiduciaries
Current as of: 2024 | Check for updates
|
Other versions
(1) Shares held by a person in a representative or fiduciary capacity may be voted by him without a transfer of the shares into his name.
(2) Shares held jointly by fiduciaries, where the instrument or order appointing the fiduciaries does not otherwise direct, shall be voted as follows:
Terms Used In Michigan Laws 450.1445
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Fiduciary: A trustee, executor, or administrator.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
(a) If only 1 fiduciary votes, his act binds all.
(b) If more than 1 fiduciary votes, the shares shall be voted as the majority of the fiduciaries determines.
(c) If the fiduciaries are equally divided as to how the shares shall be voted, a court having jurisdiction, in an action brought by any of the fiduciaries or by any beneficiary, may appoint an additional person to act with the fiduciaries in such matter, and the stock shall be voted by the majority of such fiduciaries and such additional person.