Legal Question in Business Law in Indiana
Force Sale of stock
Can the Chairman and President force sale (50%) of stock of a Vice President (50%) for poor conduct including admitted drug use and poor performance, followed by immediate termination?
Asked on 4/12/09, 7:51 am
1 Answer from Attorneys
Re: Force Sale of stock
Two ways that I can think of:
1) If the bylaws have a forced sale provision;
2) a suit to dissolve the corporation would force a liquidation of the stock.
3) possibly a termination, but without the sale of stock, depending on the bylaws and any amendments
You should contact an attorney.
Answered on 4/12/09, 8:18 am
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