386A.6-020 Voting or consent by beneficial owners. (1) The vote of all beneficial owners is required for: (a) The amendment of the governing instrument; (b) Compromise of a beneficial owner's obligation to make a contribution to the statutory trust; (c) The conversion of the statutory trust; (d) The merger of the statutory trust; (e) The extension of the term of the statutory trust beyond that provided for in the governing instrument; and (f) The dissolution of the statutory trust. (2) Except as provided in subsection (1) of this section, the beneficial owners act by a majority of the beneficial interests. (3) A beneficial owner may vote in person or by proxy, but if by proxy, the proxy must be contained in a signed record. Effective: July 12, 2012 History: Created 2012 Ky. Acts ch. 81, sec. 46, effective July 12, 2012.
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