Delaware Code Title 8 Sec. 113 – Proxy expense reimbursement
(a) The bylaws may provide for the reimbursement by the corporation of expenses incurred by a stockholder in soliciting proxies in connection with an election of directors, subject to such procedures or conditions as the bylaws may prescribe, including:
(1) Conditioning eligibility for reimbursement upon the number or proportion of persons nominated by the stockholder seeking reimbursement or whether such stockholder previously sought reimbursement for similar expenses;
(2) Limitations on the amount of reimbursement based upon the proportion of votes cast in favor of 1 or more of the persons nominated by the stockholder seeking reimbursement, or upon the amount spent by the corporation in soliciting proxies in connection with the election;
(3) Limitations concerning elections of directors by cumulative voting pursuant to § 214 of this title; or
(4) Any other lawful condition.
Terms Used In Delaware Code Title 8 Sec. 113
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
(b) No bylaw so adopted shall apply to elections for which any record date precedes its adoption.