351.267. Five percent of shares of telephone company constitutes quorum, when--powers of quorum--directors, election by districts authorized.
Five percent of shares of telephone company constitutes quorum,when--powers of quorum--directors, election by districtsauthorized.
351.267. 1. Notwithstanding other provisions in this chapter, unlessa provision in the articles of incorporation or bylaws requiring a largerpercentage is hereafter confirmed or adopted, five percent of theoutstanding voting shares, represented in person or by proxy, constitutes aquorum at a meeting of shareholders of a corporation organized pursuant tothis chapter for the purpose of providing telephone services and whosearticles of incorporation limit the ownership of voting shares to one shareby any one person or shareholder. Such corporations may determine byarticles of incorporation or bylaws to elect directors by districts tofurther the principle of geographical representation.
2. Unless a larger vote is required by the articles of incorporationor bylaws of the corporation, the action of a majority of a quorum is avalid corporate act, including by way of extension but not of limitation,amendment of articles of incorporation and the increase of bondedindebtedness; except that with respect to the sale, lease, exchange orother disposition (except by mortgage, deed of trust or pledge) of all, orsubstantially all of the property and assets, with or without goodwill, ofthe corporation, the vote required in the case of corporations generallyshall control.
3. If less than a quorum is present at any meeting, a majority ofthose present may adjourn the meeting from time to time without furthernotice.
(L. 1957 p. 312 § 351.266, A.L. 1996 H.B. 1440)