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A group of shareholders has become incensed at the strategic decisions being made by the Board of Directors at Greek Philosophers, Inc., a Delaware corporation.
A group of shareholders has become incensed at the strategic decisions being made by the Board of Directors at Greek Philosophers, Inc., a Delaware corporation. The Certificate of Incorporation permits a board of up to fifteen directors. The bylaws, however, provide that there are to be not fewer than five and not more than nine directors. Presently there are seven directors. The unhappy shareholder group timely files a motion to be considered at the annual meeting under which the bylaws would be amended to increase the number of directors to fifteen. You are the secretary of Greek Philosophers, Inc. Must you place the motion on the agenda for the annual meeting? A. No, because it wasn't timely. B. No, because the shareholders are not entitled to initiate a change to the Certificate of Incorporation. C. No, because shareholders do not have the right to amend the bylaws. D. Yes, because the shareholders may initiate a change to the Certificate of Incorporation. E. Yes, because the shareholders have the inherent right to amend the bylaws with respect to the number of directors
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