Holly,

Although it has no direct impact on the current discussion, could you please further elaborate on your statement at the top of page 2 that the corporation can be dissolved by a simple majority of a minimal quorum (5/9/16). The California statute [1900.5.a and 1900.5.a(7)] seems to state that for dissolution, a majority of directors must sign a certificate of dissolution. That would imply that 9 were required (presuming the Board had its full complement of voting directors at that time).

Alan

At 02/10/2015 03:38 PM, Gregory, Holly wrote:

Thomas, Mathieu and Leon and CCWG,,
 In addition to slides comparing the Sole Member, Sole Designator and Board Proposal from last week (which we understand did not get posted yet) , we are providing a memo as requested in LA that discusses how the statutory rights of a member can be constrained in the Sole Member model.
Kind regards, Holly and Rosemary
 
 
HOLLY GREGORY
Partner

Sidley Austin LLP
+1 212 839 5853
holly.gregory@sidley.com
 
 

 

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Content-Type: application/pdf; name="CCWG Memo_ Constraining the Exercise of"
 Statutory Rights (00719283xA3536....pdf"
Content-Description: CCWG Memo_ Constraining the Exercise of Statutory
 Rights (00719283xA3536....pdf
Content-Disposition: attachment; filename="CCWG Memo_ Constraining the"
 Exercise of Statutory Rights (00719283xA3536....pdf"; size=54222;
         creation-date="Fri, 02 Oct 2015 19:20:05 GMT";
         modification-date="Fri, 02 Oct 2015 19:20:05 GMT"

Content-Type: application/vnd.openxmlformats-officedocument.presentationml.presentation;
         name="Revised Slides - Key Characteristics Comparison. CMSM, CMSD, and Board"
 P....pptx"
Content-Description: Revised Slides - Key Characteristics Comparison. CMSM,
 CMSD, and Board P....pptx
Content-Disposition: attachment; filename="Revised Slides - Key"
 Characteristics Comparison. CMSM, CMSD, and Board P....pptx"; size=493931;
         creation-date="Fri, 02 Oct 2015 19:20:06 GMT";
         modification-date="Fri, 02 Oct 2015 19:20:06 GMT"

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