A corporation has decided to voluntarily dissolve. The shareholders, by majority vote, approved a committee to assist
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Question:
A corporation has decided to voluntarily dissolve. The shareholders, by majority vote, approved a committee to assist the board in winding up the affairs of the corporation. Is this valid shareholder action?
a. No, because this would require a 2/3 vote of shareholders
b. No, because directors are responsible for managing the business and any shareholder action that encroaches on those power of the board will be void
c. Yes, because the shareholders held a valid vote
d. Yes, as long as any directors who are also shareholders participated in the vote
Related Book For
Processes Systems and Information An Introduction to MIS
ISBN: ?978-0133546750
2nd edition
Authors: Earl McKinney, David M. Kroenke
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