The Colorado Proposed Amendment aims to introduce a new class of Common Stock that grants shareholders a reduced voting power compared to the existing stock classes. This amendment seeks to create a tiered system within a corporation's capital structure, where shareholders holding this newly created stock would have 1/20th of a vote per share. The proposed amendment intends to address certain objectives such as increasing flexibility in corporate governance, accommodating various investor preferences, and encouraging a diversified ownership structure. By offering a Common Stock class with reduced voting rights, corporations can attract different types of investors, including those seeking more long-term, passive investment strategies or who wish to align voting power with their economic stake in the company. Several potential types of Colorado Proposed Amendments that could create a class of Common Stock with a 1/20th vote per share include: 1. "Colorado Proposed Amendment — Class C Common Stock": This type of amendment specifically introduces a new class of Common Stock denominated as Class C Common Stock. It outlines the terms, conditions, and voting rights associated with this class, which would include 1/20th of a vote per share. 2. "Colorado Proposed Amendment — Dual-Class Common Stock": This amendment proposes the creation of a dual-class structure within the Common Stock, where one class would have traditional full voting rights while the newly introduced class would be entitled to 1/20th of a vote per share. It aims to grant certain shareholders reduced voting power while preserving the full voting rights for a specific group of shareholders, which is often the case in companies favoring founders, executives, or insiders. 3. "Colorado Proposed Amendment — Restricted Voting Common Stock": This type of amendment suggests establishing a new class of Common Stock called Restricted Voting Common Stock. Shareholders holding this class would have limited voting rights amounting to 1/20th of a vote per share. The restriction could be based on holding period requirements, shareholder status, or any other predetermined criteria. 4. "Colorado Proposed Amendment — Non-Voting Common Stock with Limited Voting Rights": This amendment proposes an alternative approach by creating a class of Non-Voting Common Stock with 1/20th of a vote per share. In this case, shareholders would have limited voting rights but still retain some influence through a reduced voting power. Overall, these Colorado Proposed Amendments seek to incorporate new classes of Common Stock with a 1/20th vote per share, aiming to enhance flexibility, diversify ownership, and accommodate various investor preferences within the corporate governance structure.
Colorado Proposed Amendment to create a class of Common Stock that has 1-20th vote per share
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Second, compared to other ways of changing laws, it is very difficult to amend the Constitution. For an amendment to be approved, two-thirds of both houses of Congress must pass the amendment.
The amendment process is very difficult and time consuming: A proposed amendment must be passed by two-thirds of both houses of Congress, then ratified by the legislatures of three-fourths of the states. The ERA Amendment did not pass the necessary majority of state legislatures in the 1980s.
An amendment may be proposed by a two-thirds vote of both Houses of Congress, or, if two-thirds of the States request one, by a convention called for that purpose. The amendment must then be ratified by three-fourths of the State legislatures, or three-fourths of conventions called in each State for ratification.
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Step 1: Submission of Proposal for Review and Comment. ... Step 2: Review and Comment Meeting. ... Step 3: Submission of Revised Proposals. ... Step 4: Filing with Secretary of State. ... Step 5: Title Setting. ... Step 6: Revision of Proposal after Title Board Meeting. ... Step 7: Rehearings of Title Board Decisions.
Congress must call a convention for proposing amendments upon application of the legislatures of two-thirds of the states (i.e., 34 of 50 states). Amendments proposed by Congress or convention become valid only when ratified by the legislatures of, or conventions in, three-fourths of the states (i.e., 38 of 50 states).
Ballot Initiatives Write the text of the proposed law (initiative draft). Submit initiative draft to the Attorney General for official title and summary. * Active Measures are proposed initiatives. Inactive Measures are withdrawn or failed proposals.
Requiring at least 55% of the votes cast on any state constitutional amendment to adopt the amendment; except that only a simple majority of the votes cast is necessary to adopt a state constitutional amendment that only repeals in whole or in part a provision of the state constitution.