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A corporation has 2 0 , 0 0 0 shares outstanding. A shareholders' meeting is duly called to amend the articles of incorporation, and 1
A corporation has shares outstanding. A shareholders' meeting is duly called to amend the articles of incorporation, and shares are represented at the meeting. The articles of incorporation require a quorum. If shares are voted in favor of the amendment, does it pass?
A No the quorum would require shares to be represented according to the Model Business Corporation Act.
B No the quorum would require shares to be represented because there is no provision in the articles of incorporation for a quorum.
C No even though the quorum was met, only about voted in favor of the amendment.
D Yes, the quorum was met, and the majority voted in favor of the amendment.
E No when there is no quorum in the articles of incorporation, the vote must be unanimous.
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