Written Consent of Board of Directors of ARC Lifestyle Group Inc. Limiting Shareholder Ownership Post-Conversion
ARC Lifestyle Group Inc.'s sole director, Carlos Lopez Martinez, has signed a written consent to take corporate action without a meeting. The consent sets a limit on the maximum amount of common shares any shareholder may hold after converting Series B preferred shares, capping ownership at 4.9% of total outstanding shares. This action is taken in accordance with Florida law and is intended to serve the corporation's best interests.
WRITTEN CONSENT TO ACTION WITHOUT A MEETING
OF THE BOARD OF DIRECTORS OF
ARC LIFESTYLE GROUP INC.
WHEREAS, pursuant to the Florida Business Corporation Act, the Board of Directors has deemed it appropriate to take the corporate action described herein without holding a meeting, the waiver and notice of which is unanimously acknowledged and agreed to by the sole Director through his execution of this Written Consent to Action Without a Meeting; and
WHEREAS, the Board has determined it is in the best interest of the Corporation to establish a limit of maximum amount of common shares that any shareholder can hold after converting preferred shares series B. This limit will be 4.9% of total outstanding shares after conversion.
IN WITNESS WHEREOF, I set my hand this 6th day of April, 2015.
| /s/ Carlos Lopez Martinez | ||
| Carlos Lopez Martinez |
| 1 |
