Legal Question in Business Law in Texas
ceo powers
can a ceo put a privately held company in chapter 11 or t without shareholder approval?the ceo only has 20% of the stock.
Asked on 12/22/06, 11:25 pm
1 Answer from Attorneys
Peter Bradie
Bradie, Bradie & Bradie
Re: ceo powers
That would have to be a decision made by the Board of Directors before an officer (the CEO) could proceed. Shareholder approval is not required.
Answered on 12/23/06, 2:23 pm
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