My question involves business law in the state of: MA
We have a C-Corp based in MA, with 7 shareholders. One of the minority shareholders (20%) is also on the board of directors as COO.
Our company is an e-commerce company. Some time ago this shareholder and COO removed the domain name registration from the corporate account (which he had access to, but no permission to modify), and put it under his personal account, effectively taking a company asset out of the control of the corporation without permission
The rest of the board and the rest of the shareholders, including the majority shareholder (51%) have been requesting for at least two years that he transfer the domain back to the corporation's control. He refuses. Not only does he refuse it, he is now moving the domain to an unknown "secret" domain registrar so that the board and shareholders will not know where the domain is registered.
My question - can a minority shareholder and COO take an asset of the corporation and refuse to give it back when the shareholders and board members vote on returning it to the corporation's control?
If this is not allowed, what steps can we take to force him to return the asset?
We have a C-Corp based in MA, with 7 shareholders. One of the minority shareholders (20%) is also on the board of directors as COO.
Our company is an e-commerce company. Some time ago this shareholder and COO removed the domain name registration from the corporate account (which he had access to, but no permission to modify), and put it under his personal account, effectively taking a company asset out of the control of the corporation without permission
The rest of the board and the rest of the shareholders, including the majority shareholder (51%) have been requesting for at least two years that he transfer the domain back to the corporation's control. He refuses. Not only does he refuse it, he is now moving the domain to an unknown "secret" domain registrar so that the board and shareholders will not know where the domain is registered.
My question - can a minority shareholder and COO take an asset of the corporation and refuse to give it back when the shareholders and board members vote on returning it to the corporation's control?
If this is not allowed, what steps can we take to force him to return the asset?
Business Management: Board Member Refuses to Hand Over Company Asset to the Company
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