Removal of directors is governed by Alaska law. AS 10.06.460 (removal of directors without cause ) and meeting of shareholders (AS 10.06.410 ) there is a specific process that must be followed before shareholders can even vote on the removal of the said director (s) . Because NRC has over 500 shareholders all shareholders must be notified by written notice AS (10.06.460(a)(1) (written notice of removal ) and can be delivered by mail or hand,also there is a 75 day notice of intent that must delivered in writing or hand delivered to the NRC President or the NRC secretary it is the responsibility of NRC to cover all costs of notices. if the notice is delivered before the 75 day notice date of delivery. If less than the 75 days notice it is the responsibility of the said shareholder to cover the cost of the said notice. There is also a the need of a quorum of 1/3 of the shareholders required and as of May 1,2014 there are 1,554,462 voting shares of NRC stock and as of may 1,2014 155,446 would be needed to call a special meeting of the shareholders on this matter . Thank you shareholders FYI.
Posted on: Wed, 28 May 2014 18:21:58 +0000
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