The proposed amendment in the articles of incorporation of XYZ Golf Incorporated, a stock corporation that operates
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Question:
The proposed amendment in the articles of incorporation of XYZ Golf Incorporated, a stock corporation that operates a golf facility, as approved by majority of its board of directors and stockholders representing one hundred percent of the outstanding capital stock is as follows:
"The stockholders shall not be entitled to receive dividends. In lieu of the dividends, the stockholders shall be entitled to use the golf facilities and amenities free of charges and/or fees."
- Decide whether the Securities and Exchange Commission (SEC) has ground to reject the the proposed amendments?
Related Book For
Smith and Roberson Business Law
ISBN: 978-0538473637
15th Edition
Authors: Richard A. Mann, Barry S. Roberts
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