David Rothchild owns 6,001 shares of the Motor Corp. There are 12 seats on the company board of directors, and the company has a total of 78,000 shares of stock outstanding. The Motor Corp. utilizes cumulative voting. A. Can David Rothchild elect himself to the board when the vote to elect 12 directors is held next week?
David Rothchild owns 6,001 shares of the Motor Corp. There are 12 seats on the company board of directors, and the company has a total of 78,000 shares of stock outstanding. The Motor Corp. utilizes cumulative voting. A. Can David Rothchild elect himself to the board when the vote to elect 12 directors is held next week?
Chapter22: S Corporations
Section: Chapter Questions
Problem 53P
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David Rothchild owns 6,001 shares of the Motor Corp. There are 12 seats on the company board of directors, and the company has a total of 78,000 shares of stock outstanding. The Motor Corp. utilizes cumulative voting.
A. Can David Rothchild elect himself to the board when the vote to elect 12 directors is held next week?
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