Wave Systems Corp. (fka WAVXQ)

[dig space]

and elsewhere (and everywhere I look except here)

"When a reverse split and repurchase is undertaken, the board of
directors proposes by resolution to amend the articles of incorporation
to reclassify outstanding shares by a reverse stock split.' The exchange
ratio to be applied to outstanding shares is unilaterally proposed by the
board. 10 In most states, amendment of the articles in conformity with
such board resolutions requires only majority shareholder approval
unless the articles specify a higher proportion.""

http://scholarship.law.berkeley.edu/cgi/viewcontent.cgi?article=2488&context=californialawreview

(cited: 10. See, e.g., CAL. CORP. CODE § 1706 (West 1955); DEL. GEN. CoRnP. LAw §
160 (1974); ILL. ANN. STAT. ch. 32, § 157.6 (Smith-Hurd Supp. 1975); ABA MODEL
Bus. CORP. ACT § 6 (1969 rev.).
11. See, e.g., CAL. CORP. CODE § 3632 (West Supp. 1974); DEL. GEN. CoRP. LAW
§ 242(c) (1974); N.Y. Bus. CoRnP. LAw § 803 (McKinney 1963); ABA MODEL Bus.
CORP. ACT § 59 (1969 rev.). A minority of jurisdictions require two-thirds approval
for a certificate amendment. See, e.g., Omo REv. CODE ANN. § 1701.71 (Page 1964);
MD. ANN. CODE art. 23, § 11 (1973); CONN. GEN. STAT. ANN. § 33-360 (1958).)