ABC Co Is Owned by a Group of Shareholders, All of of Whom

question 38

Multiple Choice

ABC Co. is owned by a group of shareholders, all of whom vote independently and all of whom want personal control over the firm. If straight voting is used, a shareholder:

• A) Must either own enough shares to totally control the elections or else he/she has no control whatsoever.
• B) Will be able to elect at least one director as long as there are at least three open positions and the shareholder owns at least 25% plus one of the outstanding shares.
• C) Must own at least two-thirds of the shares, plus one, to exercise control over the elections.
• D) Is only permitted to elect one director, regardless of the number of shares owned.
• E) Who owns more shares than anyone else, regardless of the number of shares owned, will control the elections.

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Definitions:

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