Question
Harry and George have formed Popular Foods and Lively Potations, Inc. (PFLP), a California C Corporation. Harry has contributed $100,000 and owns 25% of the
Harry and George have formed Popular Foods and Lively Potations, Inc. (PFLP), a California C Corporation. Harry has contributed $100,000 and owns 25% of the outstanding shares, and George has contributed $300,000 and owns 75%. Bert holds a proxy to vote George's shares. If the proxy does not contain an express termination date, how long will it remain valid?
Besides, it's the annual meeting and six directors are standing for election. If the articles contain no special provisions affecting voting rights, how many directors can George elect? What if this time the articles contain a cumulative voting provision. Now how many directors can George elect?
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