Podcast
Questions and Answers
What is the minimum qualification required to be elected as a director or trustee in a corporation?
What is the minimum qualification required to be elected as a director or trustee in a corporation?
- Being a legal age (correct)
- Being a majority stockholder
- Being a member of the corporation
- Having special qualifications specified in the bylaws
Which entity holds the residual power over fundamental corporate changes like amending the articles of incorporation?
Which entity holds the residual power over fundamental corporate changes like amending the articles of incorporation?
- Officers
- Trustees
- Stockholders (correct)
- Board of Directors
What type of suit allows a stockholder to sue on behalf of a corporation?
What type of suit allows a stockholder to sue on behalf of a corporation?
- Stockholder Suit
- Trustee Suit
- Nominal Suit
- Derivative Suit (correct)
Who has the authority to authorize the sale of property belonging to a corporation?
Who has the authority to authorize the sale of property belonging to a corporation?
What is the general rule regarding binding a corporation without proper authority?
What is the general rule regarding binding a corporation without proper authority?
When must elections for directors or trustees in a corporation be conducted by ballot?
When must elections for directors or trustees in a corporation be conducted by ballot?
What is the main responsibility of the Board of Directors or Trustees in a corporation?
What is the main responsibility of the Board of Directors or Trustees in a corporation?
What is the primary role of stockholders in a corporation?
What is the primary role of stockholders in a corporation?
What is a key characteristic of an independent director in a corporation?
What is a key characteristic of an independent director in a corporation?
What happens when the Board of Directors is elected in a corporation?
What happens when the Board of Directors is elected in a corporation?
Which group is responsible for exercising good faith, care, and diligence in managing a corporation?
Which group is responsible for exercising good faith, care, and diligence in managing a corporation?
Who has the right to vote personally or through a proxy in a corporation?
Who has the right to vote personally or through a proxy in a corporation?
