California Corporations Code

§ 5036

CORP § 5036Div. 2 · Title 1 · Part 1

Statute text

(a)Except as provided in subdivision (b) or (c), “authorized number” means 5 percent of the voting power.

(b)Where (disregarding any provision for cumulative voting which would otherwise apply) the total number of votes entitled to be cast for a director is 1,000 or more, but less than 5,000 the authorized number shall be 212 percent of the voting power, but not less than 50.

(c)Where (disregarding any provision for cumulative voting which would otherwise apply) the total number of votes entitled to be cast for a director is 5,000 or more, the authorized number shall be one-twentieth of 1 percent of the voting power, but not less than 125.

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Legislative history

Amended by Stats. 1979, Ch. 724.