Exam 33: Life and Death of a Corporation

Carey decided to incorporate her business under the name yStar Inc.Before yStar was incorporated,Carey signed a contract in the name of yStar,Inc.to have some office space remodeled.Which statement is correct?

MegaCorp has five directors.The company has 1,050 shares of voting stock.Jessica would like to purchase enough stock to elect herself to the board of directors.The company allows for cumulative voting.Explain the concept of cumulative voting and also state how many shares of MegaCorp stock Jessica will need to own to assure herself a place on the board of directors.

A corporate charter is filed with

Which of the following can challenge the validity of a de jure corporation?

Incorporators of Maizey Co.signed and delivered the corporate charter to the proper office,but due to inefficiencies in the government office,the filing was delayed.During the period between the delivery of the charter and the filing,a promoter of Maizey Co.entered a contract for the delivery of goods using the corporate name.The supplier,if it finds out the filing had not been completed when the contract was entered,may hold the promoter personally liable on the contract.