Delaware Code Title 6 Sec. 1404 – Ownership of voting and nonvoting stock
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(a) Except as otherwise provided in the organizational documents, all voting stock shall be owned by members; provided however, that pursuant to the organizational documents, at least a majority of each class of voting stock shall be owned by members.
Terms Used In Delaware Code Title 6 Sec. 1404
- Nonvoting stock: means any stock of a workers cooperative that, as of the time of determination, is not voting stock. See Delaware Code Title 6 Sec. 1401
- Person: means a natural person, partnership (whether limited or general), limited liability company, trust (whether common law or business), estate, association, corporation, custodian, nominee or any other entity. See Delaware Code Title 6 Sec. 1401
- Voting stock: means any stock of a workers cooperative that, as of the time of determination, is entitled to vote on any matter submitted to stockholders. See Delaware Code Title 6 Sec. 1401
- Workers cooperative: means any corporation that:
(b) The nonvoting stock of a workers cooperative may be owned by any person.