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  1. #1
    Join Date
    Aug 2010
    Posts
    18

    Default Can a Corporation Remove a Shareholder as "Undesirable"

    I bought stock in a Co. with the promise of a License to use a Patented Process as a Perk to buying stock. The License Fee at the time was listed to be $50,000.00. Now that we have 80-100 investors and we are getting more Licensees paying deposits, the cost of the license now is $5,000.00. Only 10% of original. I have been advised that no license will be issued until a training on the Patented Process is completed.
    I have for a year now requested a written copy of the promised License.
    I have made numerous request for a hard copy of the Pre-License.
    I have been told to apply for the license with 3 different separate forms in the past 6 months so far.
    I have been threatened that I will loose the License area if I don't apply soon, long after having confirmation of receipt of it.

    When I asked where is it listed that a Stockholder gets a license? I was told in an email it is listed in the CEO's Book of rules listed under "Perks" that a stockholder can receive a License to use the Patented Process.
    I have asked for a copy of that BOOK OF RULES only to be told it is Private and Nevada law makes it private. He does not have to provide any proof.

    Now I have asked again this week for a Hard Copy of what I have been promised for a year now to get Proof I get the License so I can get my Corporation Filed.
    Without this License, I can not base any Corporate start up filings and subsequent manufacturing. I have stated this numerous times to the CEO.

    Now this week I have been threatened by the CEO that I could be removed as a stockholder under his "Book of rules" as "Undesirables". All this for asking to obtain a Hard Copy what has been a Verbal and email Promise for a year now.

    Now I am told not to contact him anymore until they decide to Train me then I will have my License.

    Is what I ask for unreasonable?
    Is it a Valid reason to remove me and ruin a years worth of work planning a Major Manufacturing facility?
    If I am removed, I would think I would have a Civil Case. Anyone concur?

    Thanks,
    R~~

  2. #2
    Join Date
    Sep 2005
    Location
    California
    Posts
    65,078

    Default Re: Can a Corporation Remove a Shareholder as "Undesirable"

    Are you a license holder or a shareholder? Answer the questions in your other thread as well.

  3. #3
    Join Date
    Aug 2010
    Posts
    18

    Default Re: Can a Corporation Remove a Shareholder as "Undesirable"

    I am a Stockholder.
    I was told prior to the Stock Purchase that a License acquisition was a "Perk" to owning Stock in the Company.
    This is the reason I was to buy Stock for 10% of the cost of a License at that time.
    Today the Stock is the same cost of some of the Licenses available.
    The License I require is now $200K.
    I am now afraid the CEO will refuse to issue the license I had requested a year ago when I bought Stock.
    With the constant refusal to issue anything in writing, I feel he is being less than honest or disingenuous.
    R~~

  4. #4
    Join Date
    Sep 2005
    Location
    California
    Posts
    65,078

    Default Re: Can a Corporation Remove a Shareholder as "Undesirable"

    When you find out what they bylaws say, let us know. Your answer lies therein.

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