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Under California law, you can force a regular or special meeting where you can force a resolution to be voted on.
As long as their is a quorum, you can get your force resolution adopted.
So a freeze in spending can't take place until the special meeting? I believe the required lead time in the bylaws is 48 hours
As soon as the resolution voted and adopted, it goes into effect.
ok. So in that 48 hour window, the CEO and CFO can continue to run the company and spend company funds for legitimate business purposes and this is not illegal?
That is correct.
As long as that spending is consistent with company policy and not a breach of their fiduciary duy.
Ok. Thank you. I think that answers everything.
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