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- Title
GIVING SHAREHOLDERS POWER TO VETO CORPORATE DECISIONS: USE OF SPECIAL CHARTER AND BY-LAW PROVISION.
- Authors
O'NEAL, F. HODGE
- Abstract
The article examines the planning and drafting problems involved in the use of special charter and by-law provisions to give minority shareholders power to veto corporate decisions in the U.S. It also talks about the phrasing of veto provisions for use in the charter and by-laws as well as approaches that may be taken to confer a veto. Statutory materials and corporate concepts which determine the validity and efficacy of veto provisions are also discussed in considerable detail. It is concluded that the use of veto provisions involves a problem of balancing the safeguards necessary to protect the interests of minority shareholders against the freedom of action that is beneficial to the corporation.
- Subjects
UNITED States; MINORITY stockholders; CHARTERS; BY-laws; PLANNING; CORPORATE purposes; ARTICLES of incorporation; BUSINESS enterprises; CORPORATE culture
- Publication
Law & Contemporary Problems, 1953, Vol 18, Issue 4, p451
- ISSN
0023-9186
- Publication type
Article
- DOI
10.2307/1190458