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Ask a Lawyer -- Corporations
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Brought to you by MedLawPlus.com®-- Corporate Bylaws and initial board of directors resolution Price: $14.99 (free trial) |
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Question: In the State of Arizona, can a minority shareholder force a corporation to sell real estate owned by the corporation? Response: No; however, in certain circumstances a minority shareholder may be able to maintain a shareholders derivative action against the officers and directors of the corporations for breaching a fiduciary duty owed to the corporation and its shareholders. See Arizona Corporate Code § 10-740, et alia (Title 10, Charter 7, Article 4). Of particular note under Arizona law is the requirement that the shareholders make written demand upon the corporation to take a desire action that the shareholders believe are in the best interests of the corporation. This is a complicated area of the law and, if you have further questions, please seek counsel of a local attorney experienced in Arizona corporation law. Submitted: 06/17/2008; lea, arizona Response: 06/17/2008; JJR Add A Comment |
Ask a Lawyer, Corporations Archives
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