1. (1) The vote of all beneficial owners is required for:

   1. (a) The amendment of the governing instrument;
   2. (b) Compromise of a beneficial owner's obligation to make a contribution to the statutory trust;
   3. (c) The conversion of the statutory trust;
   4. (d) The merger of the statutory trust;
   5. (e) The extension of the term of the statutory trust beyond that provided for in the governing instrument; and
   6. (f) The dissolution of the statutory trust.
2. (2) Except as provided in subsection (1) of this section, the beneficial owners act by a majority of the beneficial interests.
3. (3) A beneficial owner may vote in person or by proxy, but if by proxy, the proxy must be contained in a signed record.

Effective: July 12, 2012

History: Created 2012 Ky. Acts ch. 81, sec. 46, effective July 12, 2012.