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When shareholder submit a petition for a special meeting, are there any rules about when the Board and Management need to schedule the special meeting? (Aside from the 10 - 40 days pre-notification to shareholders required for any meeting). Can the board schedule the meeting for more than a month after receiving the petition?
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You have to refer to your bylaws for specific procedures. My bylaws require 20 percent of shareholders for petition, a date time and place and purpose of the meeting set by the shareholders not the board or management company. No other business shall be discussed except as stated in the notice that accompanies the petition.
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Board Talk members who registered prior to March 9th, 2016 will need to reset their password.