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Harry and George have formed Popular Foods and Lively Potations, Inc. (PFLP), a California C Corporation. PFLP has two classes of stock: common and preferred.

Harry and George have formed Popular Foods and Lively Potations, Inc. (PFLP), a California C Corporation. PFLP has two classes of stock: common and preferred. George is a preferred stock holder and he wants to swap over his shares for common stock, adjusted by a multiple. What kind of preference would be necessary in order to do this? 


a. Conversion right 


b. Redemption right 


c. Either conversion or redemption right 


d. Neither conversion nor redemption right

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