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SB 214, 57th Regular Session
Relating to amending the Texas Business Corporation Act by providing for cumulative voting by shareholders for the election of directors unless prohibited by the articles of incorporation; providing that no amendment of the articles of incorporation prohibiting the right of cumulative voting shall be effective unless at least sixty-six and two-thirds per cent (66 2/3%) of the outstanding shares of each class of stock entitled to vote thereon shall have been voted for such amendment; providing for written notice by shareholder who intends to cumulate his votes to the secretary of the corporation on or before the day preceding the election at which such shareholder intends to cumulate his votes; providing an effective date.
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