Blue Moon Corporation has one million shares of common stock outstanding. In a typical annual election for

Question:

Blue Moon has one million shares of outstanding. In a typical annual election for the board of directors, shareholders representing 70 percent of the shares outstanding exercise their right to vote. The company has nine members on its board of directors, all of whom are elected annually.
a. If the company uses a majority voting procedure to elect its board, how many votes are required to elect
i. One director
ii. Two directors
iii. A majority of the members of the board of directors
b. If the company uses a procedure, how many votes are required to elect
i. One director
ii. Two directors
iii. A majority of the majority of the board of directors

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... 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... Cumulative Voting
Cumulative voting is the procedure followed when electing a company's directors. Typically, each shareholder is entitled to one vote per share multiplied by the number of directors to be elected. This is a process sometimes known as proportional...