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UDR recommends stockholders vote in favor of bylaw-amendment proposal

Multifamily residential real estate investment trust UDR Inc. recommended its stockholders approve an amendment to its charter to remove a restriction on stockholders' ability to amend its bylaws.

The amendment would remove a provision from the bylaws that gives the board exclusive power to amend the company's bylaws and give shareholders the ability to amend the bylaws under certain circumstances, specifically in the event that a majority of stockholders vote in favor of a proposal put forward by a stockholder or group of up to 20 stockholders holding at least 3% of the company's outstanding common stock for at least three years.

The proposal, along with others, is up for a vote at the company's annual meeting slated for May 24.