(1) ESTABLISHMENT OF PROCEDURES. A bank may establish a procedure by which the beneficial owner of shares that are registered in the name of a nominee is recognized by the bank as the shareholder. The extent of this recognition may be determined in the procedure.
(2) SCOPE OF PROCEDURES. The procedure may set forth all of the following:
(a) The types of nominees to which it applies.
(b) The rights or privileges that the bank recognizes in a beneficial owner.
(c) The manner in which the nominee selects the procedure.
(d) The information that must be provided when the procedure is selected.
(e) The period for which selection of the procedure is effective.
(f) Other aspects of the rights and duties created.