02. Voting or consent by beneficial owners. On any matter that is to be acted on by beneficial owners, the following rules apply: (1) The beneficial owners shall act by majority of the beneficial interests. (2) The beneficial owners may take the action without a meeting, without notice, and without a vote, if beneficial owners having at least the minimum number of votes necessary to authorize or take the action at a meeting at which all beneficial owners entitled to vote thereon were present and voted consent in a signed record. However, prompt notice of the action shall be given to those beneficial owners that did not consent. (3) A beneficial owner may vote in person or by proxy, but if by proxy, the proxy shall be contained in a signed record. (July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720.) Editor's Notes Uniform Law: This section is based on § 602 of the Uniform Statutory Trust Entity Act.
District of Columbia Legal Code