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Microcap & Penny Stocks : NAMX -- North American Expl.-- Que Sera Sera! -- Ignore unavailable to you. Want to Upgrade?

To: PAESEMIO who wrote (4229)	8/1/1998 3:59:00 PM
From: bob	Read Replies (1) \| Respond to of 4736

Paul Ebeling, Why don't you just admit that it is you posting? Is it a legal problem?

To: PAESEMIO who wrote (4229)	8/1/1998 4:12:00 PM
From: M. M. Jones	Respond to of 4736

Yes, you are right the board can authorize stock splits and reverse splits without shareholder approval. But as regards this: "Get this, Article VII Shareholders. Section 607.0703 Court-ordered meeting. (1) The circuit court of the county where a corporation's principal office is located, if located in this state, or where the corporation's registered office is located if its principal office is not located in this state, may, after notice to the corporation, order a meeting to be held: (a) On application of any shareholder of the corporation entitled to vote in an annual meeting if an annual meeting has not been held within any 13 month period. "And this: Article XVI Records and Reports Financial statements for shareholders. Section 607.1620 (1) Unless modified by resolution of the shareholders within 120 days of the close of each fiscal year, a corporation shall furnish its shareholders annual financial statements.....that includes a balance sheet as of the end of the fiscal year, an income statement for the year, and a statement of cash flow for the year." A shareholder quorum is 1/3 of the voting stock -- therefore it would seem an "annual meeting" can be held if these shares can be mustered. Also, if 50.1% of the voting shares can be mustered, they can vote against furnishing annual financial statements. So maybe the most a shareholder can do is request the minutes of the meeting -- if that. NAMX has not filed annual financial statements with the State of Florida, and may not be required to do so under certain circumstances.