1586

LAWS OF MARYLAND

[Ch. 311

generally. Subtitles 2, 3, and 6 of this
title, and Title 3 of this article. It should
be noted, however, that in at least one
situation language similar to this section
does not presently appear; nevertheless, it is
believed that the reason for the omission is
oversight. See present Art. 23, §30(b)(7)
(now contained in §2—205 of this article).

2-507. GENERAL RIGHT TO VOTE; PROXIES.

(A)   EACH SHARE ENTITLED TO ONE VOTE.

UNLESS THE CHARTER PROVIDES FOR A GREATER OR LESSER
NUMBER OF VOTES PER SHARE OR LIMITS OR DENIES VOTING
RIGHTS, EACH OUTSTANDING SHARE OF STOCK, REGARDLESS OF
CLASS, IS ENTITLED TO ONE VOTE ON EACH MATTER SUBMITTED
TO A VOTE AT A MEETING OF STOCKHOLDERS. HOWEVER, A
SHARE IS NOT ENTITLED TO BE VOTED IF ANY INSTALLMENT
PAYABLE ON IT IS OVERDUE AND UNPAID.

(B)   MANNER OF VOTING; PROXIES.

(1) A STOCKHOLDER MAY VOTE THE STOCK HE
OWNS OF RECORD EITHER:

(1)    IN PERSON; OR

(II) BY WRITTEN PROXY SIGNED BY THE
STOCKHOLDER OR BY HIS DULY AUTHORIZED ATTORNEY IN FACT.

(2)     UNLESS A PROXY PROVIDES OTHERWISE, IT
IS NOT VALID MORE THAN 11 MONTHS AFTER ITS DATE.

(3)    UNLESS OTHERWISE AGREED IN WRITING, THE
HOLDER OF RECORD OF STOCK WHICH ACTUALLY BELONGS TO
ANOTHER SHALL ISSUE A PROXY TO VOTE THE STOCK TO THE
ACTUAL OWNER ON HIS DEMAND.

REVISOR'S NOTE: Subsection (a) of this section
presently appears as Art. 23, §43(a).

Subsections (b) (1) and (b) (2) of this section
presently appear as Art. 23, §43 (b) (2).

Subsection (b) (3) of this section presently
appears as Art. 23, §44(d).

The only changes are in style.

The introductory language of present Art. 23,
§43(b), which limits the applicability of this
section to "shares having voting rights," is
deleted as unnecessary.