course hero which of the following is true regarding the revised model business corporation act?

Which action results in an abuse of corporate opportunity?

Oct 07, 2016 · Under the Revised Model Business Corporation Act, a corporation may dispense with a board of directors in certain circumstances. This answer is correct . Without a shareholder agreement meeting the requirements of the RMBCA, a corporation must have a board of directors consisting of at least one individual.

Where are a corporation's initial ByLaws contained in the articles?

The business judgment rule is a rule that immunizes corporate Management from liability for actions that result in corporate losses or damages if the actions are undertaken in good faith and are within both the power of the corporation and the authority of management to make. This answer is correct . Courts avoid substituting their business ...

What must the subsidiary corporation's board of directors do to approve the merger?

Under the Revised Model Business Corporation act, a corporation's initial bylaws may be adopted by either the incorporators or the board of directors. Choices "b" and "c" are incorrect, because the corporation's bylaws are a separate document not included in …

When do the Corporation and the promoter enter into an agreement?

Under the Revised Model Business Corporation Act,- as long as the fair value of assets exceeds the fair value of liabilities after distribution, the company is considered solvent. A reduces the per share par value and increases the number of share proportionately. liability trust …

What is business judgment rule?

The business judgment rule is a rule that immunizes corporate. A. Management from liability for actions that result in corporate losses or damages if the actions are undertaken in good faith but are not within the power of the corporation or the authority of management to make. B. Management from liability for actions that result in corporate ...

Is Fairwell a negligent company?

D. May be permitted by court order although Fairwell was found to be negligent. D. May be permitted by court order although Fairwell was found to be negligent. The principle that protects corporate directors from personal liability for acts performed in good faith on behalf of the corporation is known as the.

Does Shephard have to account to the corporation for his profit?

The sale would be proper and Shephard would not have to account to the corporation for his profit if the sale was approved by a disinterested majority of the directors. A corporate director commits a breach of duty if. A. The director's exercise of care and skill is minimal.

Who is the president of Quick Corp?

Knox , president of Quick Corp., contracted with Tine Office Supplies, Inc., to supply Quick's stationery on customary terms and at a cost less than that charged by any other supplier. Knox later informed Quick's board of directors that Knox was a majority shareholder in Tine. Quick's contract with Tine is.

Who owns the Ambers?

Food Corp. owned a restaurant called The Ambers. The corporation's president, T.J. Jones, hired a contractor to make repairs at the restaurant, signing the contract, "T.J. Jones for The Ambers.". Two invoices for restaurant repairs were paid by Food Corp. with corporate checks.