Achey v. Linn County Bank

The opinion of the court was delivered by

Larson, J.:

The United States District Court for the District of Kansas certified two questions of law for our determination. The United States District Court phrased the certified questions as follows:

“(1) Whether Kansas law, including K.S.A. 17-6602(c)(2), precludes a bank with only one class of stock from reducing the number of authorized shares below the number of outstanding shares?”

“(2) Whether under Kansas law, including K.S.A. l7-6602(c)(2), a minority shareholder has the power to veto a reverse stock split that would eliminate minority…