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That, according to the condition on which he made his purchase, a shareholder can vote to elect the president [of the corporation] is. .. [devoid of any practical significance], because, in fact, they [(presumably meaning those who control the corporation)] keep for themselves more than a majority of the shares so that the purchaser cannot effectively influence [the corporation's conduct. 351 ] Nor does this purchaser desire to influence [the corporation's conduct] and does not intend to acquire such a right.. ..
Pages: 1364
Publisher: Jordan Publishing Limited (March 1, 2007)
ISBN: 1846610362
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WHEN SEC MAY DECREASE OR RELEASE PART OF THE ADDITIONAL SECURITY (discretionary its part) IF • the gross income of the licensee has decreased, or • if the actual market value of the total securities on deposit has increased, by more than 10% of the actual market value of the securities at the time they were deposited Introduction to Company Law download for free Introduction to Company Law. The five-year period shall commence from the date of the aforesaid approval by the Securities and Exchange Commission. (n) carry the right to vote preferred shares grants the holder preference preference as to dividends preference as to distribution of the remaining assets upon dissolution or both YOU MUST STATE THE PREFERENCE BECAUSE IF NOT THEY ARE PRESUMED TO BE EQUAL It may include such other preferences not inconsistent with the Code Company Law 1999-2000: LLB Examination Questions and Suggested Solutions http://old.gorvestnik.ru/library/company-law-1999-2000-llb-examination-questions-and-suggested-solutions. If issued below par, issued value considered as water How may watered stocks be issued? For a monetary consideration less than its par or issued value; For a consideration in property, tangible or intangible, valued in excess of its fair market value; Gratuitously or under an agreement that nothing shall be paid at all; or In the guise of stock dividends when there are no surplus profits of the corporation. • All are subscribed who will the corporation recognize as rightful owner A or D? if both will be recognized there will be over issuance only A citing citizens national bank vs. state (but if recognition of both stockholders would result in an over issue of shares, then only the original and true owner can be recognized as a stockholder) by virtue of the doctrine of non-negotiability of certificate of stocks The true and lawful owner will never be deprived of his rights What happens to D? - D will have a cause of action against the corporation for the value of his acquisition cost inclusive of damages, attorney’s fees and cost of suit D sues the corporation for the value of his acquisition cost, inclusive of damages, attorney’s fees and cost of suit , cited: Corporate Governance and Compliance Client Strategies: Leading Lawyers on Developing Compliance Procedures, Monitoring Governance Issues and Avoiding Problematic Situations (Inside the Minds) new-life.center.
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Unless otherwise provided in writing in the operating agreement, an amendment described in this subsection may be made by the affirmative vote of a majority of the managers or, in the case of a company that is not managed by one or more managers, of a majority of the members. (1) The certificate of organization or a written provision of the operating agreement may provide that, whenever an applicable provision of law requires the vote or consent of a specified number or percentage of members or of a class of members for the taking of any action, a higher number or percentage of votes or consents shall be required for the action. (2) Unless otherwise provided in the certificate of organization or a written provision of the operating agreement, whenever the certificate or agreement requires for the taking of any action by the members or a class of members a specific number or percentage of votes or consents, the provision of the certificate or agreement setting forth that requirement shall not be amended or repealed by any lesser number or percentage of votes or consents of the members or the class of members. (3) Paragraph (2) shall not apply to a provision setting forth the right of members to act by unanimous written consent in lieu of a meeting. (e) Procedures.--The operating agreement may set forth provisions relating to notice of the time, place or purpose of any meeting at which any matter is to be voted on by any members or managers, waiver of the notice, action by consent without a meeting, the establishment of a record date, quorum requirements, voting in person or by proxy or any other matter with respect to the exercise of any such right to vote. 2001 Amendment , e.g. Corporation Tax 2014-2015 read online
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