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UDR obtains shareholder OK for bylaws amendment proposal

Multifamily real estate investment trust UDR Inc. received approval for its proposal to amend its charter to remove a provision that gives the company's board the exclusive power to amend the bylaws.

Following approval of the proposal at the May 24 annual shareholder meeting, stockholders or a group of up to 20 stockholders who have continuously held at least 3% of the REIT's outstanding common shares for three years or more may now submit bylaws amendment proposals, subject to an affirmative majority shareholder vote.