What is meant by cumulative voting?
Cumulative voting may be used when shareholders vote to elect a board of directors. Where cumulative voting is allowed, the number of votes allowed for each shareholder will be calculated by multiplying the number of voting shares they are entitled to cast by the number of Directors being elected. The shareholder may then cast his total votes for a single Director or may distribute them among two or more Directors. Cumulative voting prevents a majority shareholder from being able to elect all the Directors of a corporation. Cumulative voting allows a minority shareholder to apply all their votes to one Director.
This form is provided for owners who wish to run for the Board of Directors. You may nominate yourself. If you nominate someone else, please make sure he/she is willing to serve. The Association will be verifying that nominees are willing to have their names placed on the ballot. Depending on the number of responses, we may or may not include a copy of this form but will provide a synopsis as an enclosure with the Secret Ballot and return envelope. The members will be voting on 5 open positions (1-year terms) on the Board of Directors. NAME OF NOMINEE: Ira Green . ADDRESS: 15440 W. Longbow Drive . Sherman Oaks, CA 91403-4910 . REASONS FOR YOUR NOMINATION: I have spent a year on the board and have worked hard with the other members to restore Surfside III to a sound physical and aesthetic condition. This is a work in progress and I want to give the owners a chance to have me continue this work. GOALS FOR HOA: I will use my experience to assure that our renovation program is carried out
65. What is meant by ticket voting? 66. Define quorum. 67. What constitutes a quorum? 68. Must a member of a corporation be present to have his shares of stock voted? 69. How, if at all, may a shareholder vote by proxy? 70. Who are members of a corporation? 7L Is a stockholder personally liable for the debts of the corporation? 72. What is the liability of a shareholder in a national bank? 73. What is meant by stockliolder’s double liability? 74. How may a person become a stockholder in a corporation? 75. What is a certificate of stock? 76. May a person become a stockholder without having a certifi- cate of stock? 77. May a person hold a certificate of stock and not be a stock- holder? 78. Must directors of a corporation be stockholders? 79. How, if at all, is the authority of the board of directors limited? 80. What are the principal duties of directors? 81. May a board of directors dispose of the entire assets of the corporation ? 82. May directors act for their own private interests
