The directors of Origin Bancorp Inc. are seeking shareholder approval to make several amendments to the Ruston, La.-based company's articles of incorporation at its April 26 shareholders meeting.
The board is proposing the adoption of a majority vote, where a director must receive more votes "for" than "against" to be elected to the board, instead of the current plurality vote. The board is also proposing that a director should only be removed "for cause" and with the requisite shareholder vote.
Other proposals include the elimination of a provision that allowed the company to force a shareholder to sell shares back to the company if it was anticipated that certain transfers would raise the number of shareholders above 500. The company related this proposal to "federal securities laws occurring within the last ten years." The 2012 JOBS Act raised the maximum number of shareholders for companies not registered with the SEC from 500 to 2,000.