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Current as of January 01, 2024 | Updated by Findlaw Staff
On any matter that is to be acted on by beneficial owners, the following rules apply:
(1) The beneficial owners shall act by majority of the beneficial interests.
(2) The beneficial owners may take the action without a meeting, without notice, and without a vote, if beneficial owners having at least the minimum number of votes necessary to authorize or take the action at a meeting at which all beneficial owners entitled to vote thereon were present and voted consent in a signed record. However, prompt notice of the action shall be given to those beneficial owners that did not consent.
(3) A beneficial owner may vote in person or by proxy, but if by proxy, the proxy shall be contained in a signed record.
Cite this article: FindLaw.com - District of Columbia Code Division V. Local Business Affairs § 29-1206.02. Voting or consent by beneficial owners. - last updated January 01, 2024 | https://codes.findlaw.com/dc/division-v-local-business-affairs/dc-code-sect-29-1206-02/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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