California Corporations Code

§ 703

CORP § 703 Effective Jan 1, 2016Div. 1 · Title 1 · Ch. 7

Statute text

(a)Shares standing in the name of another corporation, domestic or foreign, may be voted by an officer, agent, or proxyholder as the bylaws of the other corporation may prescribe or, in the absence of such provision, as the board of the other corporation may determine or, in the absence of that determination, by the chairperson of the board, president or any vice president of the other corporation, or by any other person authorized to do so by the chairperson of the board, president, or any vice president of the other corporation. Shares which are purported to be voted or any proxy purported to be executed in the name of a corporation (whether or not any title of the person signing is indicated) shall be presumed to be voted or the proxy executed in accordance with the provisions of this subdivision, unless the contrary is shown.

(b)Shares of a corporation owned by its subsidiary shall not be entitled to vote on any matter.

(c)Shares held by the issuing corporation in a fiduciary capacity, and shares of an issuing corporation held in a fiduciary capacity by its subsidiary, shall not be entitled to vote on any matter, except as follows:

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Legislative history

Amended by Stats. 2015, Ch. 98, Sec. 8. (SB 351) Effective January 1, 2016.