Commercial Law, 2012 Bar — Question 65

MULTIPLE CHOICE

The By-laws of ABC Corporation is silent as to when a stockholder can be qualified to attend the meeting of the stockholders. The Corporate Secretary sent out the notice of the stockholders meeting two (2) days before the meeting and at that time X was not yet a stockholder. On the day of the meeting, however, X became a shareholder which was duly recorded in the stock and transfer book. Which statement is most accurate? A) X is a stockholder of ABC Corporation as of the time of meeting of the stockholders for the purpose of electing the members of the board. B) X is not qualified to elect members of the board because at the time the notice of the meeting was sent, she was not yet a stockholder. C) Qualifications as to who are considered as stockholders on record for purposes of being able to elect members of the board are to be determined by the By-laws alone. D) None of the above.

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