Business Organizations Code revisor's report, part 4

(2) distributes the votes among one or more candidates
using the same principle.
(c) If cumulative voting is specifically authorized by the
certificate of formation, a shareholder who intends to cumulate
votes must give written notice of that intention to the trust
managers on or before the day preceding the date of the election
at which the shareholder intends to cumulate votes. (TREITA
13.10(E)(2).)
Source Law
(2) Cumulative voting, whereby a
shareholder gives one candidate as many votes
as the number of trust managers multiplied by
the shareholder's shares equals, or by
distributing such votes on the same principle
among any number of candidates, may not be
permitted unless specifically authorized in
the declaration of trust. If cumulative
voting is authorized in the declaration of
trust, any shareholder who intends to
cumulate the shareholder's votes accordingly
must give written notice of the shareholder's
intention to cumulate the shareholder's votes
to the trust managers on or before the day
preceding the election at which the
shareholder intends to cumulate the
shareholder's votes.
Revisor's Note
No substantive change is intended.
Revised Law
Sec. 200.260. VOTING ON MATTERS OTHER THAN ELECTION OF
TRUST MANAGERS. (a) Subject to Subsection (b), with respect to a
matter other than the election of trust managers or a matter for
which the affirmative vote of the holders of a specified portion
of the shares entitled to vote is required by this code, the
affirmative vote of the holders of the majority of the shares
entitled to vote on, and who voted for, against, or expressly
abstained with respect to, the matter at a shareholders' meeting
of a real estate investment trust at which a quorum is present is
the act of the shareholders.
(b) With respect to a matter other than the election of
trust managers or a matter for which the affirmative vote of the
holders of a specified portion of the shares entitled to vote is
required by this code, the certificate of formation or bylaws of
a real estate investment trust may provide that the act of the
shareholders of the real estate investment trust is:
(1) the affirmative vote of the holders of a specified