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Franklin Street Properties adopts two-thirds vote for bylaws amendments

Office real estate investment trust Franklin Street Properties Corp. amended its bylaws to, among other things, allow shareholders to modify the company's bylaws via a two-thirds vote.

Under the amendment, any shareholder or group of up to five stockholders who has continuously owned 1% or more of the office REIT's outstanding common stock for at least one year may propose to amend the bylaws. The shareholder proposal may not alter or repeal the bylaws amendment provision without board approval.

The amendment went into effect Feb. 2.