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Athletic Elite Inc. has 20,000 shares outstanding and nine directors. Its articles provide for cumulative voting.

1. What number constitutes a quorum of shareholders?

The answer to this question is for the quorum of shareholders at least 10001 shares must be represented. Why 10001 shares must be represented?

2. Assume that the corporation is holding a meeting to vote on a merger. How many votes will Miguel have? The answer is if the corporation is holding a meeting to vote on a merger Miguel will have 500 votes.

Why will Miguel have 500 votes instead of 1000?

Respuesta :

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The number that constitutes a quorum of shareholders is two. These two shareholders are allowed to be present in person or in proxy.

Why 10001 shares must be represented?

10,001 shareholders must be represented because, in order for a decision to be made at the shareholder's meeting, at least 51% of the total number of shares or the group or persons holding over 50% of the share must vote in that direction. 10,001 represents over 50% of 20,000 shares.

Please note that there is insufficient information from the question to answer questions relating to Miguel.

Learn more about shareholders at:

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