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Sponsor won't give up control

Started by ItzJimmy
over 14 years ago
Posts: 21
Member since: Jul 2009
Discussion about
WHat do you when the sponsor is trying to ignore the fact that the building is over 51% sold and the board should of had a election to select its board members but the sponsor is trying to avoid that?
Response by falcogold1
over 14 years ago
Posts: 4159
Member since: Sep 2008

meeting/election/lawyer

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Response by stevejhx
over 14 years ago
Posts: 12656
Member since: Feb 2008

A quick note to the secretary of state should do. The Martin Act requires a sponsor give up control either when a) 51% of shares are sold; or b) after 2 years from conversion / implementation of plan.

However, the sponsor may still vote his shares.

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