Ten-Day Rule

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Ten-Day Rule

The New York Stock Exchange rule permitting member firms (brokers) to vote in favor of management ten days or less before the meeting, provided that the member firm mailed proxy material to beneficial owners at least 15 business days before the meeting. The rule allows many shares to be voted, which would otherwise not be, to reach a quorum, approve the choice of directors and auditors and handle other routine matters. This rule does not apply to banks, their nominees or their depository positions, nor to non-routine proposals such as approval for the corporation to issue more shares.

Ten-Day Rule

In shareholder meetings, a rule on the New York Stock Exchange allowing member firms to vote with the management of a company that trades on the NYSE if there are 10 or fewer days until a meeting. The 10-day rule only applies if the member firm has attempted to contact the beneficial owners of shares in a timely manner, have received no response, and the meeting would otherwise not be able to make a quorum unless the member firm votes.
References in periodicals archive ?
In particular, the regulations do not provide illustrative examples specifying whether the days of in-school suspension should be counted as days of removal under the 10-day rule.
We are asking RWC to extend the 10-day rule and we know a number of other countries are in this with us.
The proof of the 10-day rule will come when scrutiny committees, having considered objections from officers, feel obliged to issue critical reports anyway.
The 10-day rule for SBT does not apply for sales and use tax nexus purposes.
One company, for example, uses the so-called 10-day rule of the New York Stock Exchange.
Joe Pojman, founder and executive director of Texas Alliance for Life, said his organization believes Texas' end-of-life laws need reforming, including, as a starting point, extending the 10-day rule to something closer to 21 days.
They are insisting on the 10-day rule and that means next Wednesday is out - but I've not yet heard one good reason why the match cannot be played at 3pm on the Saturday.