Ray and Dave each own 25 shares of Best Car Buys Ltd, and Ray and Dave are officers and directors of Best Car Buys Ltd. which sells second-hand cars (used cars). The company had a large inventory of cars on their lot. Ray was tired of the old car he was driving so he decided to replace it with a car from the car lot. When Dave objected, Ray replied, "Look, it's my company too. Because I own half the cars I have the legal right to take one if I want to."

Is Ray correct? Can Ray take a car? Does he own one-half of the cars? Why/why not?