Question

Lost Coast Drilling (LCD), which is incorporated in Delaware, owns and operates three oil drilling platforms in the Gulf of Mexico. Which of the following actions will not require a vote by its shareholders.

Group of answer choices
a.the sale of one of LCD's platforms to Texas Pipeline.
b.a change to LCD's charter.
c.the sale of LCD to Texas Pipeline.
d.the sale of one of its helicopters.

Answer 1

The sale of one of Lost Coast Drilling's helicopters does not require a vote by its shareholders, unlike significant corporate actions such as platform sales, charter changes, or company sales.

Step-by-step explanation:

Among the actions listed for Lost Coast Drilling (LCD), the sale of one of its helicopters will not require a vote by its shareholders. Typically, major corporate actions such as the sale of significant assets (like one of the company's platforms), changes to the corporate charter, or the sale of the entire company, would need approval from shareholders. However, the sale of minor assets like a helicopter, which is not central to the main operations of the business or considered a significant asset compared to oil platforms, usually falls under the management's discretion and does not require direct shareholder approval.