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Description
Currently they are not (via onlyShareholders modifier) - this means an issuer could blacklist all addresses to avoid balance holders being able to vote to freeze funds.
Having said that it seems questionable as to whether or not blacklisted addresses are eligable.
One approach which would help, would be to reduce the totalSupply of the token when an address is blacklisted (by the amount of balance held by the address being blacklisted) and reverse this if an address is then re-whitelisted.