Acacia Country Club Co. (the club), a nonprofit golf club corporation, decided to sell some real estate. Acacia Development Co., Ltd. (ADC) agreed to buy 17.9 acres. The club shareholders had authorized the sale of 16 acres. After the sale, a club member was upset and brought a lawsuit. In the suit, ADC claimed that the lack of shareholder authority for the sale was a cloud on title to the land and thus that the sale was beyond the power of the club. Assuming the sale did breach the regulations by which the club operated, was this a valid argument for ADC against the club?
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Acacia Country Club Co. (the club), a nonprofit golf club corporation, decided to sell some real est...
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