(1) The vote of all beneficial owners is required for:
(a) The amendment of the governing instrument;
(b) Compromise of a beneficial owner's obligation to make a contribution to the statutory trust;
(c) The conversion of the statutory trust;
(d) The merger of the statutory trust;
(e) The extension of the term of the statutory trust beyond that provided for in the governing instrument; and (f) The dissolution of the statutory trust.
(2) Except as provided in subsection (1) of this section, the beneficial owners act by a majority of the beneficial interests.
(3) A beneficial owner may vote in person or by proxy, but if by proxy, the proxy must be contained in a signed record.