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.
-If an Inkilwas Corporation amendment for its articles of incorporation is put to vote at this meeting, which of the following statements would be true with respect to the passing of the amendment?

Question

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.
-If an Inkilwas Corporation amendment for its articles of incorporation is put to vote at this meeting, which of the following statements would be true with respect to the passing of the amendment?

Quizplus · Accepted Answer

The number of votes needed to pass the amendment is based on the percentage of the outstanding shares that are represented at the meeting. In this case, 17,501 shares represented at the meeting represent 58.34% of the outstanding shares (17,501/30,000 = 0.5834). Therefore, the amendment will pass if at least 58.34% of the votes cast are in favor of the amendment. 58.34% of the 30,000 outstanding shares is 17,502, so the amendment will pass if 8,751 (half of 17,502) votes approve. Therefore, the correct answer is D.

The Inkilwas Corporation Has 30, 000 Shares Outstanding