Common Stock
Under statutory voting, a common stockholder has as many votes for each vacancy as:
Statutory voting = votes equal shares for EACH position. Cumulative voting = total votes can be stacked.
Complete Analysis & Legal Rationale
Under statutory (regular) voting, shareholders receive one vote per share owned for EACH director position. If you own 100 shares and there are 3 positions, you can cast up to 100 votes for each of the 3 positions (but cannot give more than 100 votes to any single candidate).
Distractor Autopsy (Why Other Options Are Traps)
FINRA exam writers design incorrect distractors using specific calculation mistakes and regulatory misconceptions. Review why each option succeeds or fails:
The number of vacancies determines how many elections occur, not votes per share.
Directors present at the meeting is irrelevant to voting rights.
Matches the verified teaching point in the explanation.
Proxies are a method of voting, not a determinant of voting power.
Official Standard: Outline-level citation pending rule-specific upgrade. Verify against current FINRA Series 7 outline.