CH10 - Chapter Ten Corporate Management S hareholders...

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Chapter Ten Corporate Management
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Shareholders’ Rights and Responsibilities Shareholder Shareholder : : An owner of a corporation; also called stockholder stockholder
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Voting Rights Straight voting : voting in which each share of record has one vote (also called statutory voting) Cumulative voting : method of voting in election for directors in which each share carries as many votes as there are directors being elected Class voting : voting by a class of stock as a separate unit. Contingent voting : voting rights that exist only upon the occurrence of some event. Disproportionate voting : voting rights held by a class that is disproportionate to voting rights of other classes Nonvoting stock : stock that carries no voting
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Directors Directors are those who manage a corporation
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Piercing the Veil Holding individual shareholders liable for corporate obligations Three most frequent examples of conduct that leads to piercing of the veil: Commingling of Assets Lack of Formalities Inadequate Capitalization
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