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 is recognized by the corporation as the shareholder. The extent of this recognition may be determined 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) the information that must be provided when the procedure is selected;(5) the period for which selection of the procedure is effective; and(6) other aspects of the rights and duties created.Added 1993, No. 85, § 2, eff. 1/1/1994.