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Who rejected the R/S?

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surfkast Member Level  Thursday, 02/28/19 02:03:45 PM
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Who rejected the R/S?
Under Nevada corporate law the BOD can amend the articles of incorporation. All it takes is a majority to approve any action. Since Troy and Erica hold controlling interest, they can pass any action they want. They decided to pull the action. They can reinstate it at any time without stockholders approval. They then have to advise FINRA!



Under the NRS, a proposed amendment to the articles of incorporation requires a resolution adopted by the board of directors and the affirmative vote of the stockholders holding shares in the corporation entitling them to exercise at least a majority of the voting power, or such greater proportion of the voting power as may be required in the case of a vote by classes or series, or as may be required by the articles of incorporation.


Section 78.390 of the NRS provides that an amendment of the articles of incorporation requires the affirmative vote of the majority of the outstanding stock entitled to vote.



NRS 78.2055 allows the Board of Directors to decrease the number of issued and outstanding shares of a class of stock, while concurrently decreasing the total authorized shares of the same class of stock in the same percentages, without the necessity of shareholder approval.

http://securities-law-blog.com/2016/06/21/a-comparison-of-nevada-delaware-and-florida-corporate-statutes/

Control shares:

https://backend.otcmarkets.com/otcapi/company/financial-report/192937/content


What documents are required for a stock split?
The company needs to complete the Issuer Company-Related Action Notification Form and submit to FINRA no later than 10 calendar days prior to the record date of the corporate action. Submissions can be set via email or fax to (202) 689-3533. Failure by an OTC Equity issuer to provide the requisite notice may constitute fraud under Section 10 of the Securities Exchange Act of 1934

http://www.finra.org/industry/upc/upc-faq#0-15


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