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Author Question: Mr. Ace of Oink Inc., a closely held corporation, is one of three shareholders. After several years ... (Read 129 times)

mpobi80

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on: Aug 7, 2021
Mr. Ace of Oink Inc., a closely held corporation, is one of three shareholders. After several years of considerable success, the corporation hit hard times. The other shareholders, Mr. Bane and Mr. Curr, in the best interests of the corporation, voted Mr. Ace out as a director and voted not to renew his employment contract. Upset by these events, Mr. Ace wanted to sell his interest and leave the corporation. The other two shareholders, however, refused to buy his shares. Furthermore, when Mr. Ace attempted to sell his shares to his brother, who was interested in the corporation, the other shareholders refused to register the brother as a member. Which of the following is true?
◦ Mr. Ace could have avoided such a dilemma through the provisions of a shareholders' agreement.
◦ Mr. Ace could sell his shares to whomever he chose and the remaining shareholders must register the new owner.
◦ The court would "lift the corporate veil" because Mr. Bane and Mr. Curr were hiding behind the corporation to commit a fraud.
◦ Because of statutory pre-emptive right provisions, if Ace wants out, the other shareholders must buy him out.
◦ Mr. Ace could sue the corporation for breach of its fiduciary duty.
Legal Fundamentals for Canadian Business ¦ Yates ¦ 4th Edition
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Marked as best answer by mpobi80 on Aug 7, 2021

Meganchabluk

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Reply #1 on: Aug 7, 2021
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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mpobi80

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Reply 2 on: Aug 7, 2021
Thanks for the timely response, appreciate it

mcarey591

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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