They were considering selling 49%, but the percentage is meaningless without looking at the articles, the bylaws, and resolutions.
A lot of corporations make things more strict than the Bus Corp. act.
You can always make things more strict, you can’t make them more lax.
In fact, some things require a “Special Resolution” which is 2/3rds.
BUT, that can mean 2/3 of the shareholders who show up, as long as enough people show up to make a quorum.
And a quorum can be as small as 1 person, again, depending on the Articles, bylaws, and resolutions.
They were considering selling 49%, but the percentage is meaningless without looking at the articles, the bylaws, and resolutions. A lot of corporations make things more strict than the Bus Corp. act. You can always make things more strict, you can’t make them more lax.
In fact, some things require a “Special Resolution” which is 2/3rds.
BUT, that can mean 2/3 of the shareholders who show up, as long as enough people show up to make a quorum.
And a quorum can be as small as 1 person, again, depending on the Articles, bylaws, and resolutions.
If you feel like learning about the Saskatchewan Business Corporations act, here is it:
https://www.canlii.org/en/sk/laws/astat/ss-2021-c-6/latest/ss-2021-c-6.html