(1) A corporation may establish a procedure by which the beneficial owner of shares that are registered in the name of a nominee is recognized by the corporation as the shareholder. The extent of this recognition may be determined in the procedure.

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   (2) The procedure may set forth:

   (a) The types of nominees to which it applies;

   (b) The rights or privileges that the corporation recognizes in a beneficial owner;

   (c) The manner in which the procedure is selected by the nominee;

   (d) The information that must be provided when the procedure is selected;

   (e) The period for which selection of the procedure is effective; and

   (f) Other aspects of the rights and duties created.

s. 59, ch. 89-154.