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Sacco Inc. has nine directors on its board. Board members serve 3-year terms, and three seats are elected annually using a cumulative voting system. If an investor owns 1,000 shares of Sacco common stock, what is the maximum number of votes the investor may cast for one board candidate?

A 3,000.

Under cumulative voting, with three board seats up for election, the shareholder can cast up to 3,000 votes for one candidate. In a statutory voting system, an investor who holds 1,000 shares can cast 1,000 votes in the election for each seat.