Mary, Martha, Marge, and Alice, incorporate a private corporation for the purpose of wholesaling sports equipment. Each owns an equal number of shares. Their incorporating documents neither specify what business the corporation is in nor restrict the type of business the corporation can operate. Martha, Mary, and Marge are the three directors and officers of the corporation, while Alice is being frozen out of the company's
decision- making. She has never been elected as a director, never had a position in the management, and has not had any of her resolutions passed at the annual shareholder's meeting. Also, the corporation seemed to have abandoned its original purpose and gone into a different business- one that doesn't interest Alice. Explain to Alice the "oppression remedy" and its advantages over two other kinds of remedy.
Correct Answer:
Verified
View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
Q44: Qualco Lumber Ltd.owned a timber license over
Q45: Contrast the duties of a director with
Q46: Explain how a director must protect him
Q49: What does it mean when a court
Q52: What is the appraisal remedy?
Q53: What is a derivative action?
Q54: Explain the use of a Unanimous Shareholders'
Q55: Explain how a proxy is used.
Q55: What are the duties of directors?
Q64: Explain the concepts of debt and equity
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents