Section 386A.6-020 - Voting or consent by beneficial owners(1) The vote of all beneficial owners is required for: (a) The amendment of the governing instrument;(b) Compromise of a beneficial owner's obligation to make a contribution to the statutory trust;(c) The conversion of the statutory trust;(d) The merger of the statutory trust;(e) The extension of the term of the statutory trust beyond that provided for in the governing instrument; and(f) The dissolution of the statutory trust.(2) Except as provided in subsection (1) of this section, the beneficial owners act by a majority of the beneficial interests.(3) A beneficial owner may vote in person or by proxy, but if by proxy, the proxy must be contained in a signed record.Added by 2012 Ky. Acts ch. 81,§ 46, eff. 7/11/2012.