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Answered in 1 minute by:
11/15/2017
legalgems
legalgems, Lawyer
Category: Legal
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Experience: Just Answer consultant at Self employed
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Customer reply replied 7 months ago
My family has a small business Summer Camp, we have property, and the company is incorporated.BACKSTORY: my grandfather distributed his shares at one point to some of his grandchildren, including me, then he asked for them back. they all brought them back and handed the physical shares to my grandfather. When I went back to give him my shares, with my mother, he said for me to keep them, my mother was present, she asked me what I wanted her do do with them, and I said keep them with all the other records in a safety deposit box. I've never seen them since until recently when my mother and I had a dispute, we are now negotiating, but she says my shares are not valid any longer, she says they were canceled. She has shown me papers where my grandfather had asked her for his shares back, he never asked me. She canceled my shares without my knowledge, without my signature. She has shown a couple documents where this was discussed during a board of directors meeting (I was present during that meeting), one where the stocks had been increased in number and type (I signed this as secretary, and witness), one where my Grandfather has written a letter that he wanted the shares back. etc. but I never transferred them to him or anyone, verbally or in writing. QUESTION: do i still own those stocks, even if I was present during a meeting where they discussed him wanting them back and signing the stock to be altered. they skipped the step where I actually give them up, can they do that? my grandfather is no longer living, and he gave his shares as 100% to my mother. I still think my shares are good, and should have been considered in all transactions since my ownership in 1992. Do I still own them?
A corporation cannot simply call back shares. There needs to be consideration given for a contract so a buy back would require some type of consideration. Of equal importance a contract such as a buy back requires the consent of all parties as a unilateral demand is not binding. As such if a corporation or individual wrongfully takes property without consent the individual cam sue for specific performance i.e. the return of the physical shares, or the monetary value of them.Further questions please post here otherwise kindly rate positively. Thank you!
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