On July 1, 2020, the shareholders of Xolan, Inc., convened for their annual shareholders meeting. The record date for the meeting was June 1, 2020. During the meeting a debate arose about who was eligible to vote. Mike tried to vote at the meeting, but Brenda claimed that she, and not Mike, was able to vote at the meeting because she purchased all of Mikes 100 shares of voting common stock on June 15, 2020. Furthermore, Brenda claims she can vote based on her ownership of preferred stock in Xolan. Finally, Brenda argued that Francesca, who signed a proxy agreement dated May 1, 2019 to have someone vote on her behalf, cannot vote through that representative because the proxy agreement had expired. Is Brenda correct?

1. The purchase of shares of stock in a corporation make that person a(n) (DIRECTOR,SHAREHOLDER, OFFICER) Of that corporation. Typically, shareholders have (NO RESPOSIBILITY, RESPOSIBILITY) for the daily management of the corporation. Shareholders are (ENTITLED, NOT ENTITLED) to participate in a shareholders meeting, which typically must occur at least (ANNUALLY, MONTHLY, WEEKLY)

2. The date upon which stock ownership is recorded for voting rights purposes is known as a (RIGHTS DATE, VOTING DATE, RECORD DATE). Any date can be selected as long as it is no more than (20, 50, 70) days before the shareholder meeting. Brenda purchased Mikes shares on (JUNE 1, JULY 1, JUNE 15) , which is fifteen days (BEFORE OR AFTER) the record date. On the record date, (BRENDA, MIKE) owned the shares. Therefore, Brenda (DOES HAVE VOTING RIGHTS, DOES NOT HAVE VOTING RIGHTS) and Mike (DOES NOT HAVE VOTING RIGHTS, DOES HAVE VOTING RIGHTS) from the 100 shares of common stock sold by Mike to Brenda on June 15.