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The 191st General Court of the Commonwealth of Massachusetts

Section 7.23: Shares held by nominees


(a) A corporation may establish a procedure by which the beneficial owner of shares that are registered in the name of a nominee will be recognized by the corporation as the shareholder, to the extent provided in the procedure.

(b) The procedure may set forth:

(1) the types of nominees to which it applies;

(2) the rights or privileges that the corporation recognizes in a beneficial owner;

(3) the manner in which the procedure is selected by the nominee;

(4) a requirement for the certification by the nominee of the beneficial holders;

(5) the information that must be provided when the procedure is selected;

(6) the period for which selection of the procedure is effective; and

(7) other aspects of the rights and duties created.