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Pennsylvania Statutes Title 7 P.S. Banks and Banking § 1212. Voting rights of shareholders

Current as of January 01, 2025 | Updated by Findlaw Staff

(a) Right to vote--Except as otherwise provided in the articles or in this act, every shareholder of record shall have the right at every shareholders' meeting to one vote for each share standing in his name on the books of the institution. A shareholder may vote in person or by proxy and shall not sell his vote or execute a proxy for any sum of money or anything of value.

(b) Proxy voting--A proxy:

(i) shall be in writing and filed with the secretary of the institution,

(ii) shall, unless coupled with an interest, be revocable at will upon notice received by the secretary, notwithstanding any agreement to the contrary,

(iii) shall be valid for eleven months or such longer period provided therein not in excess of three years from the date of execution, unless revoked earlier or unless coupled with an interest, and

(iv) shall not be revoked by the death or incompetence of the maker unless, before the vote is counted or the authority exercised, written notice of such death or an adjudication of such incompetence is received by the secretary.

A proxy coupled with an interest shall include an unrevoked proxy in favor of a creditor of a shareholder and such a proxy shall be valid so long as the debt owed to the creditor remains unpaid.

(c) Shares called for redemption--Except as provided in the articles, redeemable shares which have been called for redemption shall not be entitled to vote on any matter and shall not be deemed outstanding shares after written notice has been given to the holders thereof that such shares have been called for redemption and that payment of the redemption price has been provided for and after such payment has been provided for.

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Cite this article: FindLaw.com - Pennsylvania Statutes Title 7 P.S. Banks and Banking § 1212. Voting rights of shareholders - last updated January 01, 2025 | https://codes.findlaw.com/pa/title-7-ps-banks-and-banking/pa-st-sect-7-1212/

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