Lucas is a shareholder of Gospel Corporation with 10,000 ordinary shares held purchased in 2021 at P45 each. Gospel Corp. has 250,000 shares of authorized capital and 180,000 outstanding shares at P25 par value. Gospel Corp. has fifteen board of directors (BOD). If Lucas wishes to be a member of the board during the 2023 Annual Shareholders' Meeting BOD election, how many shares must he own?
Lucas is a shareholder of Gospel Corporation with 10,000 ordinary shares held purchased in 2021 at P45 each. Gospel Corp. has 250,000 shares of authorized capital and 180,000 outstanding shares at P25 par value. Gospel Corp. has fifteen board of directors (BOD). If Lucas wishes to be a member of the board during the 2023 Annual Shareholders' Meeting BOD election, how many shares must he own?
Chapter22: S Corporations
Section: Chapter Questions
Problem 27P
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Lucas is a shareholder of Gospel Corporation with 10,000 ordinary shares held purchased in 2021 at P45 each.
Gospel Corp. has 250,000 shares of authorized capital and 180,000 outstanding shares at P25 par value.
Gospel Corp. has fifteen board of directors (BOD).
If Lucas wishes to be a member of the board during the 2023 Annual Shareholders' Meeting BOD election, how many shares must he own?
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT