Sutter Ranch Corporation an Oklahoma farming and ranching family corporation
Sutter Ranch Corporation, an Oklahoma farming and ranching family corporation, had a provision in its articles of incorporation that provided the corporation could take action to dissolve only with the approval of 75 percent or more of the outstanding shares of the corporation. After a dispute with his sisters, Owen Sutter, owner of 30 percent of the company, sought a judicial dissolution of the corporation on the grounds of shareholder dissension and oppression by his sisters, the majority shareholders. The sisters argued that Owen could not seek a judicial dissolution because his ownership of the corporation failed to meet the 75 percent minimum for dissolution by action of the shareholders. Did the court agree with the sisters?

Membership TRY NOW
  • Access to 800,000+ Textbook Solutions
  • Ask any question from 24/7 available
  • Live Video Consultation with Tutors
  • 50,000+ Answers by Tutors
Relevant Tutors available to help