Election of directors by minority shareholders
92Where at a meeting of a company, whether incorporated under this Act or under any other Act of the Legislature, there is to be elected a full board of directors, and there are present, or represented by proxy, and acting as a unit shareholders owning shares with voting rights bearing the same or a larger proportion to the whole allotted stock of the company with voting rights, that one director bears to the total number of directors, such shareholders acting as a unit have the right to elect one director, any law or by-laws of any company to the contrary hereof notwithstanding, but a shareholder claiming the above right of election shall, prior to the taking of the vote for the election of directors, deposit with the chairman or secretary of the meeting a written declaration under his hand stating his purpose of claiming the privileges of this section.