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Corporations Keyed to O’Kelley
Hoschett v. TSI International Software, Ltd.
Citation:
683 A.2d 43 (1996)Facts
Plaintiff, Fred G. Hoschett is the registered owner of 1,200 shares of common stock of the defendant TSI International Software, Ltd. Formed in 1993, TSI is a privately-held corporation having a total of 962,274 shares of common stock and 860,869 shares of convertible preferred stock issued, which are held by less than 40 stockholders of record. Pursuant to its certificate of incorporation, holders of TSI’s common and preferred stock vote together on all matters, including the election of directors. TSI has never held an annual meeting for the election of directors. On October 5, 1995, plaintiff filed this action against TSI seeking an order compelling an annual meeting of stockholders for the election of directors.
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