2. Fall Creek is conducting the annual election for its five-member board of directors.

The firm has 1,500,000 shares of voting common stock outstanding.

a. Under a majority voting system, how many shares must a stockholder own to ensure being able to elect his or her choices to each of the five director seats?

b. Under a cumulative voting system , how many shares must a stockholder own to ensure being able to elect his or her choices to two of the director seats?

c. Arlie Latham holds 20% of Fall Creek's outstanding stock. How many directors can Arlie elect under a cumulative voting system?