1588

LAWS OF MARYLAND

[Ch. 311

JURISDICTION TO APPOINT AN ADDITIONAL PERSON TO ACT WITH
THE PERSONS VOTING THE STOCK AND THE STOCK SHALL THEN
BE VOTED AS DETERMINED BY A MAJORITY OF THOSE PERSONS
AND THE PERSON APPOINTED BY THE COURT.

(4) IF THE INSTRUMENT OR ORDER GIVEN TO THE
SECRETARY OF THE CORPORATION SHOWS THAT THE INTERESTS
ARE UNEQUAL, A MAJORITY OR EVEN SPLIT FOR THE PURPOSE OF
THIS SUBSECTION IS A MAJORITY OR EVEN SPLIT IN INTEREST.

REVISOR'S NOTE: Subsections (a), (b), and (c) of
this section presently appear as Art. 23,
§44(b), (c) , and (e), respectively.

In subsection (a) (1) and (c) (1) of this
section, for purposes of conformity, the word
"registered" is substituted for "standing" and
"stand of record."

In subsection (a) (2) of this section, the
provision of the last clause of present
§44(b), which allows a fiduciary to vote
shares registered in the name of another
person under certain circumstances "even
though they have not been transferred into his
name...," is deleted as redundant.

In subsection (c)(1) of this section, the
reference in present Art. 23, §44 (e) to
"other securities having voting power" is
deleted for purposes of consistency, and the
last clause of the introduction, which deals
with the contents of the instrument, is
deleted for purposes of clarity and
simplification.

The only other changes are in style.

2-509. VOTING OF STOCK HELD BY CORPORATION.

(A)          WHO MAY VOTE.

STOCK REGISTERED IN THE NAME OF A CORPORATION, IF
ENTITLED TO BE VOTED, MAY BE VOTED BY THE PRESIDENT, A
VICE-PRESIDENT, OR A PROXY APPOINTED BY EITHER OF THEM,
UNLESS ANOTHER PERSON APPOINTED TO VOTE THE STOCK
UNDER A BYLAW OR A RESOLUTION OF THE BOARD OF DIRECTORS
PRESENTS A CERTIFIED COPY OF THE BYLAW OR RESOLUTION, IN
WHICH CASE HE MAY VOTE THE STOCK.

(B)        WHEN STOCK MAY NOT BE VOTED.

(1) SHARES OF A CORPORATION'S OWN STOCK
OWNED DIRECTLY OR INDIRECTLY BY IT MAY NOT BE VOTED AT