Which of the following will affect the perpetual life of a corporation?
THE FOLLOWING QUESTION #24 IS VALUED AT 50 POINTS
20. The stockholders of the Apex Corporation attended a special meeting of the
stockholders called to discuss matters of extreme urgency to the corporation. A quorum
was not present when the meeting opened, nor was a quorum present when the matters to
be treated in the meeting were discussed. Management, however, felt that the importance of
the issue was significant enough to warrant continuation of the meeting without a quorum,
and the stockholders voted on the issues presented during the meeting. During the last
fifteen (15) minutes of the meeting, just prior to the cocktail hour regularly attended by
many stockholders, enough stockholders had arrived to constitute a quorum. Were the
issues of this meeting dealt with in a valid manner?
EXPLAIN YOUR ANSWER FULLY
issues of this meeting were not dealt with in a valid manner. A majority of shares
entitled to vote must be present. Or another person must be selected to vote in the
shareholders place on their behalf in order for there to be a quorum to hold the meeting.
Also a corporation is required to give advance notice of the place, time, and day of an
annual meeting along with at least 10 days’ notice or max of 50 days’ notice in person or by
mail and if not given or is defective any action taken at meeting is void.
Which of the following is true of the bankruptcy procedure?