Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Sutter Ranching Corporation, an Oklahoma farming and ranching family corporation, had a provision in its articles of incorporation that provided the corporation could take action

Sutter Ranching Corporation, an Oklahoma farming and ranching family corporation, had a provision in its articles of incorporation that provided the corporation could take action to dissolve only with the approval of 75 percent or more of the outstanding shares of the corporation. After a dispute with his sisters, Owen Sutter, owner of 30 percent of the company, sought a judicial dissolution of the corporation on the grounds of shareholder dissension and oppression by his sisters, the majority shareholders. The sisters argued that Owen could not seek a judicial dissolution because his ownership of the corporation failed to meet the 75 percent minimum for dissolution by the action of the shareholders. Did the court agree with the sisters?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Contract Law

Authors: Ewan McKendrick

14th Edition

1352012065, 978-1352012064

More Books

Students also viewed these Law questions