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Irwin Law
Irwin Law, Attorney
Category: Business Law
Satisfied Customers: 6848
Experience:  30+ yrs. representing small business, real estate, probate
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STOCK HOLDER IN A STOCK HOLDER OWNED GOLF COURSE. I AMONGT A

Customer Question

I AM A STOCK HOLDER IN A STOCK HOLDER OWNED GOLF COURSE.
I AMONGT A SMALL MAJORITY, NOT LIVING ON THE COURSE, BELIEVE THE STOCK HOLDERS BEST INTEREST IS MET BY A SALE OF THE COURSES.
THOSE STOCK HOLDERS LIVING ON THE COURSE BELIEVE THEIR VALUES MAY BE IMPACTED?
I HAVE NO EQUITY INTEREST INTHE COURSE
what remedy do I have?
Thank You
Submitted: 9 months ago.
Category: Business Law
Expert:  Irwin Law replied 9 months ago.

The corporations legal structure, i.e. its bylaws provide whatever remedies you may have as a shareholder. Generally, The Board of Directors has the power to vote the sale of significant assets of the corporation. However, if a majority of the shareholders disagree with that action they can step in, call a special election and vote in a new board that will not approve a sale. Your corporations structure may be more complex than an ordinary business corporation, because of the different interests of the adjacent property owners. Without examining the actual bylaws, it is impossible to tell you exactly what your remedies might be. I suggest that you form a group of shareholders who think as you do and jointly hire an attorney to render an opinion.

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Expert:  Irwin Law replied 9 months ago.

Hello again. Do you have a follow-up question? I hope that you will enter a positive rating for my Answer by clicking on 3, 4, or 5, for which there is no additional cost to you. Thanks again for using JUST ANSWER.