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

Question

Quizplus · Accepted Answer

According to the RMBCA, a quorum is achieved when the holders of a majority of the outstanding shares entitled to vote are present in person or represented by proxy at the meeting. In this case, the number of outstanding shares entitled to vote is 30,000 and a majority is 15,001. Therefore, to have a quorum, at least 15,001 outstanding shares must be represented at the meeting. Since 17,501 shares are represented at the meeting, there is a quorum. Option A (12,001) and B (18,501) are incorrect because they do not represent a majority of the outstanding shares entitled to vote. Option D (17,501) is incorrect because it is already given in the question and does not provide the minimum number of outstanding shares required for a quorum.

The Inkilwas Corporation Has 30, 000 Shares Outstanding