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Judge, Jury and Executioner?

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M

muthafcknhustla

Guest
What is the name of your state? California w/Delaware corp. -------- A corp has only 2 owners. The VP/COO has 47%, and the Pres/CEO has 53%. The VP is very sick. The CEO, for the 1st time, comes in to help run the day to day. During the 2 weeks that the VP was out, the CEO alleges that a bylaw pertaining to conduct was violated and has VP removed as owner, and his shares forfeited (to whom, the wording for that bylaw is kind of vague)? NO NOTICE WAS GIVEN TO THE INDIVIDUAL! VP was informed after the action was taken. Can the CEO do that? Does a general law prohibit such an action? Would just like some idea; is this is a definate NO-NO; a, maybe it depends on the wording of bylaw,- etc, etc; or CEO probably could do that. - Anybody have a bit of advice, or a comment? Thanks
 



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