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I am a stockholder in an Ontario private corporation with 50…

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I am a stockholder...

I am a stockholder in an Ontario private corporation with 50 stockholders. The current directors have refused to honor a proxy which would give me voting rights at the shareholders meeting. What course of action can I take. They want to limit the voting of directors to make all stockholders vote for them.

Lawyer's Assistant: Has anything been officially filed? If so, what?

They have sent their own version of a proxy to the shareholders, where the stockholders can vote for anything at the meeting, except for the election of directors.

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

We plan to nominate directors from the floor, but this version of the proxy would prevent the stockholders from voting on the nominees.

Submitted: 2 months ago.Category: Canada Law
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5/13/2018
Lawyer: Debra, Lawyer replied 2 months ago
Debra
Debra, Lawyer
Category: Canada Law
Satisfied Customers: 105,514
Experience: Lawyer
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Hello! My name is Debra (formerly known as Legal Ease). Thank you for your question. I'm reviewing it now, and will post back again shortly.

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Lawyer: Debra, Lawyer replied 2 months ago

The Business Corporations Act protects all minority shareholders.

You have an absolute right to vote by proxy at any meeting and they cannot restrict that right.

I suggest telling them this and if that doesn't work have a lawyer send them a letter threatening a lawsuit.

Please feel free to post back with any follow-up questions you may have. If you don't have any then I hope I have earned a 5 star rating but if you don't feel that I have please don't hesitate to reply back and let me know what more I can do to assist you. Finally, please know that even after you rate me I will be here for you and you can ask follow-up questions if you think of them later on at no further charge of course.

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Lawyer: Debra, Lawyer replied 2 months ago

Is there anything more I can help you with at this point in time?

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