§ 4-26-707 - Class voting. - Arkansas Statutes

4-26-707. Class voting.

(a) In each instance where, under 4-26-302(a)(4), 4-26-303, 4-26-611(e), 4-26-705(a)(2), 4-26-903(a)(3)(B), 4-26-1007(e) and (f), or 4-26-1101, a provision is made for the class voting of stock, thus requiring the votes of a certain percentage of each separate class of shares to authorize some specific corporate action, each class of shares to which a requirement of class voting is applicable shall be bound by the votes which are cast in person or by proxy of at least two-thirds (2/3) of those members of such class who are present in person or represented at the meeting by proxy if due and timely notice of the meeting has been given to all members of said class and at least fifty percent (50%) of the shares embraced in the class are present in person or by proxy.

(b) The certificate to articles of amendment under 4-26-304, articles of merger or consolidation under 4-26-1009, and articles of dissolution under 4-26-1102 shall, in all situations to which this section applies, be amended and adjusted to show the manner in which the requirements of this section were met in respect to class voting.

(c) This section shall apply only to corporations having five hundred (500) or more shareholders.