Who has voting rights at a stockholder meeting once a bank forecloses on a home? The bank or the previous owner?
New York, NY |
Stockholders told that since previous owners name is still on stock they can vote but that doesn't sound logical. Shouldn't the stock revert back to the corporation? Or shouldn't the bank have a rep attend meetings to vote?
A person who no longer owns the home would not have voting rights.
Rather, the person or entity who presently owns the home would have the right to vote the shares.
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Until there is a transfer of the ownership of the share certificate on the books of the corporation, the by laws of the corporation if a New York City cooperative allow the owner of the shares in the corporation as contained in the books of the corporation on the day of a vote to cast the number of votes allocated to the shares. The shares do not loss the right to be voted and someone has to own the shares, and the corporation may only look to its books for the name of the owner of record.
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