Sutter Ranching Corporation, an Oklahoma farming and ranching family corporation, had a provision in its articles of

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Sutter Ranching Corporation, an Oklahoma farming and ranching family corporation, had a provision in its articles of incorporation that provided the corporation could take action to dissolve only with the approval of 75 percent or more of the outstanding shares of the corporation. After a dispute with his sisters, Owen Sutter, owner of 30 percent of the company, sought a judicial dissolution of the corporation on the grounds of shareholder dissension and oppression by his sisters, the majority shareholders. The sisters argued that Owen could not seek a judicial dissolution because his ownership of the corporation failed to meet the 75 percent minimum for dissolution by action of the shareholders. Did the court agree with the sisters?

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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Business Law The Ethical Global and E-Commerce Environment

ISBN: 978-1259917110

17th edition

Authors: Arlen Langvardt, A. James Barnes, Jamie Darin Prenkert, Martin A. McCrory

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