DIRECTORS SHAREHOLDERS Meetin MBCA 8.20 allows for regular or special meetings which may be gs
Annual- MBCA 7.01, as
provided in bylaws
Unanimous written consent for
director election in lieu of meeting if Articles allow for cumulative voting. MBCA 7.01 (a)
Special 2 or more days notice required of
date, time and place but not Meetin purpose MBCA 8.22 gs
MBCA 7.02: who, where, what,
BUT only business stated in notice may be conducted
Consent actions allowed under
No MBCA 8.21 Meetin gs
MBCA 7.04: only if action taken
by all of shareholders entitled to vote on that action via written consent
Meetin None required unless
Articles/Bylaws specify otherwise g notice
MBCA 7.05 (annual & special):
not less than 10 days and not more than 60 days before meeting date-no purpose required for annual; purpose required for special
MBCA 7.07 Record Date: not
more than 70 days before meeting
conducted by any means that
allow for all participating directors to simultaneously hear each other.
Quoru m
Majority of fixed number of
directors unless otherwise specified in Articles/bylaws but in any event, no fewer than 1/3 days
Unless Articles provide
otherwise, quorum = a majority of votes entitled to be cast by voting group; quorum cannot be broken MBCA 7.25
Voting
If quorum exists when vote taken,
affirmative vote of Majority of directors present = action of the board unless Articles/bylaws requires more.
If quorum exists, votes cast in
favor within voting group exceeding votes cast against = action on the item unless Articles say otherwise MBCA 7.25(c).
Directors may abstain, vote yes/no.
To abstain/dissent, must not vote
in favor as noted in minutes AND object at beginning of meeting /deliver written notice of abstention to corporation during meeting/immediately thereafter MBCA 8.24
When electing directors, see
MBCA 7.28 (plurality unless allowed to cumulate votes); when amending Articles or changing voting rules, see MBCA 7.27; voting trusts, shareholder agreements & proxies allowed.