A bill to amend the Securities Exchange Act of 1934 to prohibit the trading on certain exchanges and markets of nonvoting shares and shares carrying disproportionate voting rights.

Summary

Amends the Securities Exchange Act of 1934 to prohibit a common stock that is part of a class of an issuer's securities which is nonvoting or which carries disproportionate voting rights (entitling a share owner to cast more or less than one vote based on such share) from being registered on a national securities exchange or quoted on an automated quotation system operated by a registered national securities association. Sets forth a grandfather clause with respect to such disproportionate stock that was listed or quoted before a specified date.

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Documents

1 official file

• Introduced in Senate

  summary · EN · 18 June 1985

  Open at official source

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