§ 55-7-21. Voting entitlement of shares. - North Carolina Statutes

§55‑7‑21.  Voting entitlement of shares.

(a)        Except as providedin subsections (b) and (c) or unless the articles of incorporation provideotherwise, each outstanding share, regardless of class, is entitled to one voteon each matter voted on at a shareholders' meeting.

(b)        Absent specialcircumstances, the shares of a corporation are not entitled to vote if they areowned, directly or indirectly, by a second corporation, domestic or foreign,and the first corporation owns, directly or indirectly, a majority of theshares entitled to vote for directors of the second corporation.

(c)        Subsection (b) doesnot limit the power of a corporation to vote any shares, including its ownshares, held by it in a fiduciary capacity.

(d)        Redeemable sharesare not entitled to vote after notice of redemption is given to the holders anda sum sufficient to redeem the shares has been deposited with a bank, trustcompany, or other financial institution under an irrevocable obligation to paythe holders the redemption price on surrender of the shares. (Rev.,ss. 1183, 1184; 1907, c. 457, s. 1; 1909, c. 827, s. 1; C.S., s. 1173; 1945, c.635; G.S., s. 55‑110; 1951, c. 265, s. 2; 1953, c. 722; 1955, c. 1371, s.1; 1959, c. 768; c. 1316, s. 23; 1963, c. 1065; 1969, c. 751, ss. 34, 35; 1985,c. 419; 1985 (Reg. Sess., 1986), c. 801, s. 45; 1989, c. 265, s. 1.)