17-1294. Same; voting rights of control shares; resolution. (a) Control shares acquired in a control share acquisition have the same voting rights as were accorded the shares before the control share acquisition only to the extent granted by resolution approved by the shareholders of the issuing public corporation.
(b) To be approved under this section, the resolution must be approved by:
(1) The affirmative vote of a majority of all outstanding shares entitled to vote in the election of directors voting by class if required by the terms of the shares; and
(2) the affirmative vote of a majority of all outstanding shares entitled to vote in the election of directors voting by class if required by the terms of the shares, excluding all interested shares.
History: L. 1988, ch. 93, ยง 9; April 21.
Structure Kansas Statutes
17-1286 Control share acquisitions; control shares, defined.
17-1287 Same; control share acquisition, defined.
17-1288 Same; interested shares, defined.
17-1289 Same; issuing public corporation, defined.
17-1290 Same; application of act.
17-1291 Same; acquiring person statement, contents.
17-1292 Same; special meeting to determine voting rights, when.
17-1293 Same; notice of special meeting.
17-1294 Same; voting rights of control shares; resolution.
17-1295 Same; redemption of shares, when.
17-1296 Same; dissenters' rights, notice.
17-1297 Same; control shares, voting rights; affiliate and associate, defined.