Corporate Law No Shareholder Agreement

[barrywilliamsmb]

My jurisdiction is: Saskatoon, Saskatchewan, Canada

Good Day,

Our 6 partner corporation has been in existence for 21/2 yrs and still does not have a shareholder's agreement. My partners have resisted my attempts to get us to create this important document as most are unsophisticated regarding business matters and do not see the importance. Two shareholders who own 50% of the shares are the most resistant to the agreement and my pleading to produce this document are falling on deaf ears.

Now we are (surprise, surprise) experiencing challenges in our partnership and without a shareholder's agreement, I am uncertain as to what rights, if any, I have. I am a minority shareholder with 14% of the common shares.

I realize I could be charged with stupidity for allowing this to happen and am wondering if I have any recourse.

 

[dee_dub]

You have the right not to be oppressed by the actions of the corporation. You have whatever other rights might be attached to your shares. You have the right to sue in court to enforce those rights, and possibly obtain a court order restraining the conduct of the corporation or requiring you to be bought out.