Equity Share Purchase With Differential Rights In Florida
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(1) A corporation may sell, lease, exchange, or otherwise dispose of all, or substantially all, of its property (with or without good will), otherwise than in the usual and regular course of business, on the terms and conditions and for the consideration determined by the corporation's board of directors, but only if ...
657.002 Definitions. —As used in this chapter: (1) “Capital” means shares, deposits, and equity. (2) “Corporate credit union” means any credit union organized pursuant to any state or federal act for the purpose of serving other credit unions.
Shares issued with differential rights shall not exceed 74% of the total voting power, including voting power in respect of equity shares with differential rights issued at any point of time.
Under 720.303(10)((a)1. of the Florida Statutes, members of the board of an HOA will need to be removed via a majority vote of the board of directors. The recall can be without cause, but this can lead to problems with the recalled person if they decide to take legal action for being recalled or removed.
Receivership or custodianship. (1) A court in a judicial proceeding brought to dissolve a corporation may appoint one or more receivers to wind up and liquidate, or one or more custodians to manage, the business and affairs of the corporation.
The following are the drawbacks of DVR shares. Limited awareness: Investors often miss out on opportunities to invest in DVR shares because they are unaware of their issuance. Reduced voting rights: DVR shareholders typically have fewer voting rights than holders of ordinary equity shares.
(b) To avoid liability to undiscovered trespassers, a person or organization owning or controlling an interest in real property must refrain from intentional misconduct that proximately causes injury to the undiscovered trespasser, but has no duty to warn of dangerous conditions.
While there are no specific statutory requirements, a well-drafted shareholder agreement should be in writing, signed by all parties involved, and should not violate any mandatory provisions of Florida corporate law.