Question: Jeffrey Jones is a director of Jolly Corporation. The board of directors declared a dividend to the common shareholders of Jolly Corporation. The corporation did

Jeffrey Jones is a director of Jolly Corporation. The board of directors declared a dividend to the common shareholders of Jolly Corporation. The corporation did not have a profit or surplus. After the dividends were paid, Jolly Corporation did not have funds necessary to repay its banknote. Who can be held personally liable for the bank loan? Question 34Select one: a. The members of the board of directors, for authorizing the dividend when Jolly Corporation did not have a profit or surplus b. No one, because Jolly Corporation is a C corporation c. All of the shareholders of Jolly Corporation d. The bank loan officer, for making the loan

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