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<section article="gca" article_name="Corporations and Associations" number="2-507" title_number="2" title_name="Corporations in General -- Formation, Organization, and Operation" subtitle_number="5" subtitle_name="Stockholders">
  <level label="a">
    <text>Unless the charter provides for a greater or lesser number of votes per share or limits or denies voting rights, each outstanding share of stock, regardless of class, is entitled to one vote on each matter submitted to a vote at a meeting of stockholders. However, a share is not entitled to be voted if any installment payable on it is overdue and unpaid.</text>
  </level>
  <level label="b">
    <level label="1">
      <text>A stockholder may vote the stock the stockholder owns of record either:</text>
      <level label="i">
        <text>In person; or</text>
      </level>
      <level label="ii">
        <text>By proxy as provided in subsection (c) of this section.</text>
      </level>
    </level>
    <level label="2">
      <text>Unless a proxy provides otherwise, it is not valid more than 11 months after its date.</text>
    </level>
    <level label="3">
      <text>Unless otherwise agreed in writing, the holder of record of stock which actually belongs to another shall issue a proxy to vote the stock to the actual owner on the owner’s demand.</text>
    </level>
  </level>
  <level label="c">
    <level label="1">
      <text>A stockholder may authorize another person to act as proxy for the stockholder as provided in this subsection.</text>
    </level>
    <level label="2">
      <level label="i">
        <text>A stockholder may sign a writing authorizing another person to act as proxy.</text>
      </level>
      <level label="ii">
        <text>Signing may be accomplished by the stockholder or the stockholder’s authorized agent signing the writing or causing the stockholder’s signature to be affixed to the writing by any reasonable means, including facsimile signature.</text>
      </level>
    </level>
    <level label="3">
      <level label="i">
        <text>Subject to subparagraph (ii) of this paragraph, a stockholder may authorize another person to act as proxy by transmitting, or authorizing the transmission of, an authorization for the person to act as proxy to:</text>
        <level label="1">
          <text>The person authorized to act as proxy; or</text>
        </level>
        <level label="2">
          <text>Any other person authorized to receive the proxy authorization on behalf of the person authorized to act as the proxy, including a proxy solicitation firm or proxy support service organization.</text>
        </level>
      </level>
      <level label="ii">
        <text>The authorization may be transmitted by a telegram, cablegram, datagram, electronic mail, or any other electronic or telephonic means.</text>
      </level>
    </level>
    <level label="4">
      <text>A copy, facsimile telecommunication, or other reliable reproduction of the writing or transmission authorized under paragraphs (2) and (3) of this subsection may be substituted for the original writing or transmission for any purpose for which the original writing or transmission could be used.</text>
    </level>
  </level>
  <level label="d">
    <level label="1">
      <text>A proxy is revocable by a stockholder at any time without condition or qualification unless:</text>
      <level label="i">
        <text>The proxy states that it is irrevocable; and</text>
      </level>
      <level label="ii">
        <text>The proxy is coupled with an interest.</text>
      </level>
    </level>
    <level label="2">
      <text>A proxy may be made irrevocable for as long as it is coupled with an interest.</text>
    </level>
    <level label="3">
      <text>The interest with which a proxy may be coupled includes an interest in the stock to be voted under the proxy, an interest as a party to a voting agreement created in accordance with § 2–510.1 of this subtitle, or another general interest in the corporation or its assets or liabilities.</text>
    </level>
  </level>
</section>
