North Carolina Unanimous Action of Shareholders Increasing the Number of Directors
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FAQ
Section 168(1) of the Act states that the shareholders can remove a director by passing an ordinary resolution at a meeting of the company.
Shareholders can take legal action if they feel the directors are acting improperly. Minority shareholders can take legal action if they feel their rights are being unfairly prejudiced.
Director Elections For many shareholders, although technically in ultimate control over the company, there is no practical authority. Perhaps the greatest shareholder power is control over the composition of the board of directors.
The owners of a corporation are its stockholders, and the owners, at least in theory, can do almost anything they want, including firing members of an incompetent board of directors. There are many obstacles, but it can be and has been done.
A company must always act in the stockholders' best interest by making sure its decisions enhance shareholder value. Stockholders do not have a say in the day-to-day management of a company, but their collective presence as company owners puts constant pressure on company management.
Transactions with directorsShareholder approval is also required where a company is proposing to give a guarantee or provide security in connection with a loan made by any person to such a director.
Can shareholders remove a director? As mentioned above, shareholders can remove a director before the expiration of his or her period of office by way of an ordinary resolution. However, written resolutions cannot be used to remove a director, the voting must take place at an actual general meeting of the shareholders.
Shareholders can be Directors and Officers but need not be. Officers can be Directors and vise versa...but, again, need not be. Since Shareholders elect the Directors and Directors elect the officers, it is apparent that Shareholders hold the ultimate position of authority in a company.
Key Takeaways. Stockholder voting right allow shareholders of record in a company to vote on certain corporate actions, elect members to the board of directors, and approve issuing new securities or payment of dividends. Shareholders cast votes at a company's annual meeting.
Generally it is the shareholders that hold the power in the company with the directors being responsible for its day to day running. In most successful companies the directors and shareholders work closely together and are open and transparent about the actions and direction the company will take.
