1. (a) 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.

2. (b) The procedure may set forth:

   1. (1) the types of nominees to which it applies;
   2. (2) the rights or privileges that the corporation recognizes in a beneficial owner;
   3. (3) the manner in which the procedure is selected by the nominee;
   4. (4) the information that must be provided when the procedure is selected;
   5. (5) the period for which selection of the procedure is effective; and
   6. (6) other aspects of the rights and duties created.

HISTORY: 1988 Act No. 444, Section 2.