Inkilwas Corporation has 30,000 outstanding shares. A shareholders' meeting is duly called to amend the articles of incorporation, and 17,501 shares are represented at the meeting. According to the Revised Model Business Corporations Act (RMBCA), what is the minimum number of outstanding shares that must be represented in this case to have a quorum?

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Quizplus · Accepted Answer

The RMBCA sets the quorum requirement at a majority of the outstanding shares, unless the articles of incorporation specify a different percentage. In this scenario, a majority would be 15,001 shares (50.01% of 30,000). Since 17,501 shares are represented at the meeting, which is more than the required quorum, the meeting can proceed. Therefore, the minimum number of outstanding shares required for a quorum in this case is 15,001.

Inkilwas Corporation Has 30,000 Outstanding Shares