Investor may use its majority shares after agreement is signed to amend articles to allow it to issue additional shares to itself.
Cite as
2011 DJDAR 5885Published
Apr. 27, 2011Filing Date
Apr. 26, 2011MARIANNE MONTY et al.,
Plaintiffs and Appellants,
v.
GEORGE S. LEIS et al.,
Defendants and Respondents.
2d Civil No. B225646
(Super. Ct. No. 1340306)
(Santa Barbara County)
California Courts of Appeal
Second Appellate District
Division Six
Filed April 27, 2011
ORDER MODIFYING OPINION
AND DENYING REHEARING
[NO CHANGE IN JUDGMENT]
THE COURT:
It is ordered that the opinion filed herein on March 30, 2011, be modified as follows:
1. On page 6, in the last sentence in the first paragraph, the word "noting" is changed to "nothing," so that the sentence reads: "But nothing in section 405 limits its application to that situation."
2. On page 6, the last sentence in the third paragraph is changed to read:
"Once Ford obtained a majority of the shares, it could amend the articles to authorize as many shares as required under the agreement."
There is no change in the judgment.
Appellants' petition for rehearing is denied.
For reprint rights or to order a copy of your photo:
Email
Jeremy_Ellis@dailyjournal.com
for prices.
Direct dial: 213-229-5424