Washington Acceptance of Person to the Appointment to Board of Directors of a Corporation
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How to fill out Acceptance Of Person To The Appointment To Board Of Directors Of A Corporation?
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FAQ
In company law, a minority shareholder has little if any power over the management of the company or the distribution of its profits.As a general principle, the majority rules. For instance, shareholders with less than 50% of the shares in the company cannot appoint a new director.
Among other things, Washington law gives minority shareholders the right to inspect certain corporate records. Minority shareholders also have the right to bring a suit on behalf of the company under circumstances where the controlling shareholders can't or won't bring one (a ?derivative? lawsuit).
(1) Unless the articles of incorporation or bylaws provide otherwise, corporate action required or permitted by this title to be approved at a board of directors' meeting may be approved without a meeting if the corporate action is approved by all members of the board.
Section 94 of the Act gives minority shareholders the right to inspect certain company records, such as the Memorandum of Association (MOA), Articles of Association (AOA), financial statements, and annual returns, during business hours.
Can a Shareholder Be Forced to Sell Shares? Absent breach of a contract or the law, a shareholder can't typically force another shareholder to sell. But a shareholder can seek to enforce the terms of a buy-sell agreement, a shareholder agreement, or another valid contract.
Shareholder Oppression Washington law provides for judicial dissolution of a close corporation by shareholders if the ?directors or those in control of the corporate have acted, are acting, or will act in a manner that is illegal, oppressive, or fraudulent.? § 23B.
