Assembly Bill A4485

2011-2012 Legislative Session

Enacts the "shareholders remote voting act"

download bill text pdf

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Archive: Last Bill Status - Stricken


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2011-A4485 (ACTIVE) - Details

Law Section:
Business Corporation Law
Laws Affected:
Amd ยงยง602 & 605, BC L
Versions Introduced in Other Legislative Sessions:
2009-2010: A1567
2013-2014: A4946
2015-2016: A5781
2017-2018: A1012, A9745
2019-2020: A434

2011-A4485 (ACTIVE) - Summary

Enacts the "shareholders remote voting act".

2011-A4485 (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  4485

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                            February 3, 2011
                               ___________

Introduced  by M. of A. LANCMAN -- read once and referred to the Commit-
  tee on Energy

AN ACT to amend the business corporation law, in  relation  to  enacting
  the "shareholders remote voting act"

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Short title. This act shall be known and may  be  cited  as
the "shareholders remote voting act".
  S 2. Paragraphs (b), (c) and (d) of section 602 of the business corpo-
ration  law  are  relettered paragraphs (c), (d) and (e) and a new para-
graph (b) is added to read as follows:
  (B)(I) EVERY CORPORATION WHOSE SHARES ARE TRADED ON A  STOCK  EXCHANGE
OR  IN THE OVER-THE-COUNTER MARKET SHALL: (1) IMPLEMENT REASONABLE MEAS-
URES TO PROVIDE SHAREHOLDERS NOT PHYSICALLY PRESENT AT  A  SHAREHOLDERS'
MEETING A REASONABLE OPPORTUNITY TO WITNESS THE PROCEEDINGS OF THE MEET-
ING  SUBSTANTIALLY  CONCURRENTLY  WITH SUCH PROCEEDINGS; AND (2) PROVIDE
REASONABLE MEANS TO ENABLE SHAREHOLDERS TO VOTE  OR  CAST  PROXIES  WITH
RESPECT  TO  MATTERS  SUBMITTED  TO  THE SHAREHOLDERS AT A SHAREHOLDERS'
MEETING BY MEANS OF ELECTRONIC COMMUNICATION.
  (II) THIS PARAGRAPH MAY ALSO APPLY TO OTHER CORPORATIONS IF THE  BOARD
OF DIRECTORS HAS ELECTED TO BE SUBJECT TO THIS PARAGRAPH.
  (III) NOTHING REQUIRED IN SUBPARAGRAPHS (I) AND (II) OF THIS PARAGRAPH
SHALL  LIMIT,  RESTRICT  OR  SUPERSEDE OTHER FORMS OF VOTING AND PARTIC-
IPATION.
  (IV) FOR  PURPOSES  OF  THIS  PARAGRAPH,  "REASONABLE  MEASURES"  WITH
RESPECT  TO  WITNESSING PROCEEDINGS SHALL INCLUDE, BUT NOT BE LIMITED TO
AUDIO WEBCAST OR OTHER BROADCAST OF THE MEETING  AND  FOR  VOTING  SHALL
INCLUDE BUT NOT BE LIMITED TO TELEPHONIC AND INTERNET VOTING.
  S  3. Section 605 of the business corporation law, as amended by chap-
ter 746 of the laws of 1963, paragraph (a) as amended by chapter 498  of
the laws of 1998, is amended to read as follows:

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD04132-03-1
              

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