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All Jurisprudence based

0 tracked cards Commercial and Taxation Laws

An ordinary stock corporation proposes a sale outside its usual course that disposes of all its operating assets and leaves it incapable of carrying on its corporate purpose. It is not relying on the statutory remaining-business exception. A majority of its board approves, but no stockholder vote occurs. No special rule alters section 39. What is the best conclusion?

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Board approval always substitutes for shareholder approval. Any employee may waive all shareholder requirements. The transaction also requires the specified two-thirds outstanding-capital-stock authorization at a duly called meeting; general property powers alone do not supply it. Every shareholder must purchase the assets personally.

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