DAYTONA BEACH, Fla., Oct. 28 /PRNewswire/ -- Consolidated-Tomoka Land Co.'s (NYSE Amex: CTO) board of directors has announced that it has amended the Company's bylaws to adopt a majority vote standard for the election of directors in uncontested elections. At the 2010 annual meeting of shareholders, the Company's shareholders had approved a proposal advising the board to adopt a majority voting standard. The board also adopted a policy that any incumbent director who receives less than a majority of the votes cast in an uncontested election must promptly tender his or her resignation. The board will then, within 90 days after certification of the election results, determine whether to accept the resignation and publicly disclose its decision. The new majority vote standard will be in effect for the next annual meeting of shareholders in 2011.
Consolidated-Tomoka Land Co. is a Florida-based company primarily engaged in converting Company owned agricultural lands into a portfolio of net lease income properties strategically located in the Southeast, through the efficient utilization of 1031 tax-deferred exchanges. The Company has low long-term debt and currently generates over $9 million annually before tax cash flow from its income property portfolio. The Company also engages in selective self-development of targeted income properties. The Company's adopted strategy is designed to provide the financial strength and cash flow to weather difficult real estate cycles. Visit our website at www.ctlc.com.
SOURCE Consolidated-Tomoka Land Co.