Which of the following statements is NOT correct about the rights granted to common stockholders?

	a.	Common stockholders have the right to elect a firm's directors.
	b.	The manner in which stockholder control is exercised can be subject to state and federal law.
	c.	Stockholders may transfer their right to vote to a second party by means of a proxy.
	d.	In large, publicly traded firms, managers typically have some stock but their personal holdings are generally insufficient to win voting control.
	e.	Dividends due to common stockholders are cumulative.