North Carolina § 55A-7-21 - Voting entitlement generally.

§ 55A-7-21. Voting entitlement generally.

Unless the articles of incorporation or bylaws provide otherwise, each member is entitled to one vote on each matter voted on by the members. Unless the articles of incorporation or bylaws provide otherwise, if a membership stands of record in the names of two or more persons, their acts with respect to voting shall have the following effect: If only one votes, such act binds all; and If more than one votes, the vote shall be divided on a pro rata basis. An amendment to the articles of incorporation or bylaws on which members are entitled to vote, the purpose of which is to increase or decrease the number of votes any member is entitled to cast on any member action, shall be approved by the members entitled to vote on that action by a vote that would be sufficient to take the action before the amendment. History (1955, c. 1230; 1985 (Reg. Sess., 1986), c. 801, s. 35; 1993, c. 398, s. 1; 1995, c. 400, s. 2.) NORTH CAROLINA COMMENTARY Subsection (b), which had no counterpart in the prior law, specifies the manner in which jointly held memberships are voted.