Action by beneficial owners--Notice and meeting not necessary if consent exists--Proxy

Unless otherwise provided in the governing instrument of a business trust, on any matter that is to be voted on by the beneficial owners: (1) The beneficial owners may take such action without a meeting, without a prior notice and without a vote if a consent or consents in writing, setting forth the action so taken, shall be signed by the beneficial owners having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all interests in the business trust entitled to vote thereon were present and voted; and (2) The beneficial owners may vote in person or by proxy. Source: SL 2001, ch 245, § 28.