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7 August, 18:25

I'M StartUP Corp. issued and sold 2,500,000 common voting shares during its first public stock sale. What is the minimum number of shares needed to be able to elect a new director to the Board

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  1. 7 August, 19:33
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    1,250,000 (1.25 million)

    Explanation:

    Given

    Common Voting Shares = 2,500,000

    First, we need to understand what common voting shares is.

    Common voting shares are such that the ownership interest in a company and entitle their purchasers to a portion of the profits earned.

    To be able to elect a new director to the Board, only ½ or 50% of the total Common voting shares is needed.

    i. e.

    Minimum number of shares = 50% of 2,500,000

    Minimum number of shares = 1,250,000

    Hence, the minimum number of shares required to be able to elect a new director to the Board is 1,250,000
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