It is said that to take a board of director out of his position, it requires the president to command the secretary to hold a meeting to decide on this issue. How can that be possible if the board member you would like to impeach is the president? And how can it be possible to have a meeting of the stockholders if the company is composed of [let's say] three million stockholders?
2007-03-22 20:18:52 · 3 answers · asked by raaalphs 2 in Politics & Government ➔ Law & Ethics
Board of Directors are elected by the shareholders. That would either be at an annual meeting, or where the Bylaws allow for a special shareholder meeting to address such issues.
The Board appoints the officers, including the president and secretary. The Chairman of the Board may be the President.
Corporations hold stockholder meetings regularly. If they are that large, they are held by mail or proxy. Each state has its own rules, but all provide for some mechanism of shareholder votes. That's a basic part of the laws dealing with corps.
2007-03-22 20:24:32 · answer #1 · answered by coragryph 7 · 2⤊ 0⤋
The president should never be on the board. Its bad business. I would be wary about his intentions for that business. Selllllll!
2007-03-23 03:23:24 · answer #2 · answered by Joseph 2 · 0⤊ 0⤋
50% plus share holder should vote for impeach
2007-03-23 03:24:57 · answer #3 · answered by manjunath_empeetech 6 · 0⤊ 0⤋