30.0142 Directors-Voting-Proxies.

Cite as [A.S.C.A. § 30.0142]

In all elections for Directors of any company operating or organized under this chapter, every stockholder has the right to vote, in person or by proxy, the number of shares of stock owned by him, for as many persons as there are directors to be elected, or to cumulate the votes and give one candidate as many votes as the number of Directors multiplied by the number of his shares of stock equals, or to distribute them upon the same principles among as many candidates as he think fits, and such directors may not be elected in any other manner.

History: 1962, PL 7-20.

Case Notes:

Choice of which one of several available methods of voting to use is up to shareholder, not up to corporate management. Fa’atiliga v. Lutali, 4 A.S.R.2d 1 (1987).

Territorial statute providing that shareholders may either cast all his votes for one candidate for corporate office or divide his votes among as many candidates as there are positions did not leave corporate management free to choose which of these two methods would be followed; rather, it required that each shareholder be given the option of choosing how to cast his votes. A.S.C.A. § 30.0142. Fa’atiliga v. Lutali, 4 A.S.R.2d 1 (1987).