SECTIONS 7450-7451 - California Statutes

GOVERNMENT CODE

SECTION 7450-7451

7450. Every local agency in this state owning common stock and
whose stock is by contract managed by a fiduciary shall request such
fiduciary to forward any proxies for shares owned by the agency which
are to be voted in a corporate election to the governing body of
such local agency.
"Local agency," for purposes of this section, includes every
county, city, city and county, district, and authority, and each
department, division, bureau, board, commission, agency, or
instrumentality of any of the foregoing.

7451. Notwithstanding any other provision of the law, every local
agency in this state owning common stock shall, when returning
proxies to a corporation, vote each proxy that is returned to the
corporation. Nothing in this section shall prohibit a local agency in
this state owning common stock from abstaining on a corporate or
shareholder proposal and notifying the corporation in writing of the
local agency's desire to abstain on a corporate or shareholder
proposal.
As used in section "local agency" includes every county, city,
city and county, district, and authority, and each department,
division, bureau, board, commission, agency, instrumentality or
pension or retirement system of any of the foregoing.