LAW 603 Lecture Notes - Lecture 8: Business Rule, Truck Driver, Share Repurchase
17 Oct 2016
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Document Summary
Law 603 chapter 22 legal rules for corporate governance. Shareholders are entitled to the assets of the corporation that remain after all creditors are paid. Vote for the election of directors on matters submitted to them and appoint the auditor. Elect directors -> responsible for managing or supervising the management of corporation. Appoint officers -> exercise management powers delegated to them by the directors. Directors are obligated to call annual meeting every 15 months. At annual meeting: 1) directors are elected, 2) the auditor is appointed for the coming year 3) financial statements for the past year are discussed. Proxy: a person designed by the shareholder to vote at a shareholder"s meeting. Management proxy circular: a document sent to the shareholders that contains management proposals and information regarding the proxy, the business to be dealt with at the meeting and certain other information. Dissident shareholders: people who disagree with management proposals information to contact other shareholders shareholders against management.
