Blue Moon Corporation has one million shares of common stockoutstanding. In a ty

Question

Blue Moon Corporation has one million shares of common stockoutstanding. In a typical annual election for the board ofdirectors, share holders representing 70% of the shares oustandingexercise their right to vote. The company has nine members onits board of directors all of whom are elected annually. a) If the company uses a majority voting procedure to electits board, how many votes are required to elect? i) one director ii) two directors iii) a majority of the members of the board of directors b) If the company uses a comulative voting procedure, how manyvotes are required to elect. i) one director ii) two directors iii) a majority of the members of the board of directors Blue Moon Corporation has one million shares of common stockoutstanding. In a typical annual election for the board ofdirectors, share holders representing 70% of the shares oustandingexercise their right to vote. The company has nine members onits board of directors all of whom are elected annually. a) If the company uses a majority voting procedure to electits board, how many votes are required to elect? i) one director ii) two directors iii) a majority of the members of the board of directors b) If the company uses a comulative voting procedure, how manyvotes are required to elect. i) one director ii) two directors iii) a majority of the members of the board of directors

Explanation / Answer

NR = [(DN x TN)/(N + 1)] +1

where DN = number of directors stockholder desires toelect, TN = total number of shares of common stockoutstanding and entitled to be voted, and N = total numberof directors to be elected.

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