LegalFix
Sign In

§ 47-14A-28 Action by beneficial owners--Notice and meeting not necessary if consent exists--Proxy.

SD Codified L § 47-14A-28 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

47-14A-28. Action by beneficial owners--Notice and meeting not necessary if consent exists--Proxy. Unless otherwise provided in the governing instrument of a business trust, on any matter that is to be voted on by the beneficial owners:

(1) The beneficial owners may take such action without a meeting, without a prior notice and without a vote if a consent or consents in writing, setting forth the action so taken, shall be signed by the beneficial owners having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all interests in the business trust entitled to vote thereon were present and voted; and

(2) The beneficial owners may vote in person or by proxy.Source: SL 2001, ch 245, § 28.

Previous Section
§ 47-14A-27 Officer or employer acting in reliance on governing instrument not liable--Duties determined by governing instrument.
Next Section
§ 47-14A-29 Action by trustees--Notice and meeting not necessary if consent exists--Proxy.