The bylaws of Jameson Enterprises, Inc., required a 70 percent supermajority to establish a qu o rum
Question:
The bylaws of Jameson Enterprises, Inc., required a 70 percent supermajority to establish a qu o rum sufficient to hold a meeting to remove a director from the board. The bylaws also de s i g nated a meeting with such a purpose as a special meeting.
The board consisted of ten dire c tors. Six showed up at the meeting. Of the four who failed to attend, three were in Europe. The fourth, Weinberger, was not notified of the meeting because he was the one to be removed. The six directors attending the meeting first voted to change the bylaws to require only 60 percent of the directors to establish a quorum sufficient to hold a special meeting. The six directors then unanimously voted to remove Weinberger.
When Weinberger found out about the mee t ing, he objected to the vote and claimed that the entire procedure was void. Was Weinberger correct? Explain.
Step by Step Answer:
Business Law With UCC Applications
ISBN: 9780073524955
13th Edition
Authors: Gordon Brown, Paul Sukys