Common use of Manner of revoking election Clause in Contracts

Manner of revoking election. To revoke an elec- tion, the corporation files a statement that the corporation revokes the elec- tion made under section 1362(a). The statement must be filed with the serv- ice center where the election was prop- erly filed. The revocation statement must include the number of shares of stock (including non-voting stock) issued and outstanding at the time the revocation is made. A revocation may be made only with the consent of shareholders who, at the time the rev- ocation is made, hold more than one- half of the number of issued and out- standing shares of stock (including non-voting stock) of the corporation. Each shareholder who consents to the revocation must consent in the manner required under paragraph (b) of this section. In addition, each consent should indicate the number of issued and outstanding shares of stock (in- cluding non-voting stock) held by each shareholder at the time of the revoca- tion.