California Corporations Code

§ 704

CORP § 704 Effective Jan 1, 2017Div. 1 · Title 1 · Ch. 7

Statute text

(a)If shares stand of record in the names of two or more persons, whether fiduciaries, members of a partnership, joint tenants, tenants in common, spouses as community property, tenants by the entirety, voting trustees, persons entitled to vote under a shareholder voting agreement or otherwise, or if two or more persons (including proxyholders) have the same fiduciary relationship respecting the same shares, unless the secretary of the corporation is given written notice to the contrary and is furnished with a copy of the instrument or order appointing them or creating the relationship wherein it is so provided, their acts with respect to voting shall have the following effect:

(1)If only one votes, such act binds all.

(2)If more than one vote, the act of the majority so voting binds all.

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Legislative history

Amended by Stats. 2016, Ch. 50, Sec. 21. (SB 1005) Effective January 1, 2017.