Section 33-1-420 - Number of shareholders(a) For purposes of Chapters 1 through 20 of this Title, the following identified as a shareholder in a corporation's current record of shareholders constitutes one shareholder: (1) three or fewer co-owners;(2) a corporation, partnership, trust, estate, or other entity;(3) the trustees, guardians, custodians, or other fiduciaries of a single trust, estate, or account.(b) For purposes of Chapters 1 through 20 of this Title, shareholdings registered in substantially similar names constitute one shareholder if it is reasonable to believe that the names represent the same person.1988 Act No. 444, Section 2.