GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 1991

S	1 

SENATE BILL 396

Short Title:  Voting Stock/Personal Rep./Trustee.	(Public)
─────────────────────────────────────── 
Sponsors: Senators Hartsell; and Soles.
─────────────────────────────────────── 
Referred to:  Judiciary I.
─────────────────────────────────────── 

April 1, 1991

A BILL TO BE ENTITLED
AN ACT GOVERNING THE VOTING OF SHARES OF CORPORATE STOCK OR OTHER SECURITIES BY JOINT PERSONAL REPRESENTATIVES AND COTRUSTEES AS RECOMMENDED BY THE GENERAL STATUTES COMMISSION.
The General Assembly of North Carolina enacts:
Section 1.  G.S. 28A-13-6(d) reads as rewritten:
"(d)	Subject to subsection (b) of this section, if two or more personal representatives own shares of corporate stock or other securities, their acts with respect to voting shall have the following effect:
(1)	If only one votes, in person or by proxy, his act binds all;
(2)	If more than one vote, in person or by proxy, the act of the majority so voting binds all;
(3)	If more than one vote, in person or by proxy, but the vote is evenly split on any particular matter, each faction is entitled to vote the stock or other securities in question proportionately."
Sec. 2.  G.S. 36A-69 reads as rewritten:
"§ 36A-69.  Voting stock. 
A trustee owning shares of corporate stock or other securities may vote them in person or by general or limited proxy, and may execute waivers, consents or objections with respect to such stock or securities, but shall be liable for any loss resulting to the beneficiaries from a failure to use reasonable care in deciding how to vote the stock or securities, in voting them or in not voting them."
Sec. 3.  G.S. 28A-13-3(a)(8) reads as rewritten:
"(8)	To vote shares of stock or other securities in person or by general or limited proxy, and to execute waivers, consents or objections with respect to such stock or securities."
Sec. 4.  G.S. 36A-73(c) reads as rewritten:
"(c)	Subject to subsection (a) of this section, if two or more trustees own shares of corporate stock or other securities, their acts with respect to voting shall have the following effect:
(1)	If only one votes, in person or by proxy, his act binds all;
(2)	If more than one vote, in person or by proxy, the act of the majority so voting binds all;
(3)	If more than one vote, in person or by proxy, but the vote is evenly split on any particular matter, each faction is entitled to vote the stock or other securities in question proportionately."
Sec. 5.  This act is effective upon ratification.