Assume all the following facts can be proven. The directors of Abatole Ltd. held their last meeting
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Question:
Assume all the following facts can be proven. The directors of Abatole Ltd. held their last
meeting on December 31 at 4:30 p.m., and it was conducted more like a party than a
usual meeting. Nancy, a director, signed a contract to purchase land from Xenon Corp.,
of which Nancy is the sole shareholder. The directors also voted to issue more shares and
sold them to 3 directors in order to give them voting control of the corporation.
Could a shareholder commence an action against Nancy? How? Explain.
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