Section 46. Proportionate voting  


Latest version.
  • A  corporation incorporated under this
      chapter  may  provide  in   its   certificate   of   incorporation   for
      proportionate  or  unequal  voting rights of all its members, based upon
      the patronage of said members, which shall  be  exercised  when  and  as
      provided in the by-laws of the corporation, except that no members shall
      be  entitled  to  more  than  one  vote  in  any case in which a statute
      requires the affirmative vote of a majority or more of the members.  The
      certificate  of  incorporation  shall  state  the  method  by which such
      proportionate voting rights shall be determined and fixed.