19 Pa. Code § 23.9 - Cumulative voting for directors

Sections 1306(a)(8) and 1758(c)(1) of the BCL (relating to articles of incorporation; and voting rights of shareholders) authorize the articles of incorporation of a business corporation to set forth a statement eliminating the right of shareholders to cumulate their votes for the election of directors. The statement in the articles eliminating cumulative voting usually reads as follows:

The shareholders of the corporation shall not have the right to cumulate their votes for the election of directors of the corporation.

Notes

19 Pa. Code § 23.9

The provisions of this § 23.9 adopted April 17, 1992, effective 4/18/1992, 22 Pa.B. 1993.