1. BTS Corp. was incorporated during the year 2020. It was stated in their articles of incorporation that the entity will have a fixed term of 30 years. However, in 2022, BTS decided to shorten the term to 20 years. The needed vote of the board of directors and the shareholders were acquired. When submitted to the SEC for approval, they accepted the shortening of the term. One of the stockholders question the approval and said that the SEC is wrong because the corporation did not follow the 3-year rule. Is the stockholder correct? (10 pts)