Copr

10 Questions  I  By Badalbert on March 24, 2011
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1.  State corp laws are entirely uniform.
A.
B.
2.  Damages recovered in a shareholders derivative suit are paid to the shareholder who filed the suit
A.
B.
3.  An officer is a fiduciary of a corp.
A.
B.
4.  Preemptive rights entitle shareholders to bring a derivative suit against the corp.
A.
B.
5.  In some states, a close corporation can operate without formal share holders or directors' meetings
A.
B.
6.  The business judgment rule makes a director liable for losses to the firm in most cases.
A.
B.
7.  Generally, shareholders are not personaly responsible for the debts of the corp.
A.
B.
8.  Directors, but not officers owe a duty of loyalty to the corp
A.
B.
9.  A corp. is liable for the torts of its officers commited within the course and scope of employment
A.
B.
10.  Only certain funds are legally available for paying dividends
A.
B.
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