Question
Michael Weston owns 30% of the 2,000 outstanding shares of Burned Spy Services Inc., a corporation which provides relocation services for former spies. Sax Axe
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Michael Weston owns 30% of the 2,000 outstanding shares of Burned Spy Services Inc., a corporation which provides relocation services for former spies. Sax Axe and Jesse Porter each own 20% of the shares, Fiona Glenanne owns 15% and Madeline Weston, Tom Card and Anson Fullerton own 5%. Michael, Sam and Fiona are the directors of the corporation. Michaels term as director expires at the June 1, 2020 shareholders meeting. Michael is the only director whose term expires in 2020. Each share of the corporations stock has one vote.
Michael Weston owns 30% of the 2,000 outstanding shares of Burned Spy Services Inc., a corporation which provides relocation services for former spies. Sax Axe and Jesse Porter each own 20% of the shares, Fiona Glenanne owns 15% and Madeline Weston, Tom Card and Anson Fullerton own 5%. Michael, Sam and Fiona are the directors of the corporation. Michaels term as director expires at the June 1, 2020 shareholders meeting. Michael is the only director whose term expires in 2020. Each share of the corporations stock has one vote.
If only Michael shows up at the annual meeting, can he re-elect himself as director?
If only, Sam, Michael and Jesse show up at the annual meeting, and Sam and Jesse vote to replace Michael as a director, has Jesse been validly elected as a director?
If Jesse, Sam, Madeline, Tom and Anson want Jesse to be elected to the director position, but Madeline, Tom and Anson cannot attend the meeting because they are currently in hiding, is there any way for Jesse to assure that he will be elected?
Is it proper for the corporation not to elect all three directors at the annual meeting?
Explain your answers.
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