Copr

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