Providence v. Worcester Co. v. Baker, 378 A.2d 121 (1977) p.295
class voting and weighted voting
A shareholder was entitled to one vote for each of the first fifty shares owned, and one vote for every twenty shares in excess of fifty. No shareholder could vote in his or her own right more than on fourth of the total outstandin shares.
Whether a provision restricting voting rights based on the number of shares held by an individual shareholder is permissible.
Voting rights may be determined by number of shares held.
The Delaware Supreme Court upheld a provision in a corporation's Articles of Incorporation restricint the voting rights based on the number of shares held by an individual shareholder. The provision limited voting rights based on the number of shares held by an individual shareholder.
Created on: Wednesday, October 13, 1999 at 12:22:08 (PDT)