Exam 25: Corporate Directors, officers, and Shareholders

A board of directorsgovern every corporation.

Frawsty Corporation distributes beverages in the greater Northwest.Frawsty's board of directors can delegate some of its functions to

Natalie is a shareholder of Off-Road Vehicle Company.As a share-holder,Natalie does not have

Philip is elected as a director for Fatless Foods,Inc.His term of office will most probably last for

Corporate directors and officers are insurers of business success.

A board of directors can delegate some functions to corporate officers.

Doyle and Emily are officers of Freshé Bottled Water Corporation.As cor-porate officers,their compensation is determined by Freshé's

The minimum number of members of a body of officials that must be present before business can validly be transacted is known as a quorum.

Coast-to-Coast Distribution,Inc.,is a direct-mail distribution company.Like most corporations,Coast-to-Coast's employees include its

Josh is a director of Sippy Soups,Inc.Josh opposes a tender offer that is in Sippy's best interest because its acceptance would cost him his position as a director.Josh is liable for a breach of duty of

A majority shareholder does not owe a fiduciary duty to minority shareholders under any circumstances.

Bea is a shareholder of Candy Confections Corporation.The right to inspect corporate books and records is

Corporate business matters are presented at a shareholders' meeting in the form of

In most states,a director cannot be removed from a corporate board for a breach of duty.

A director does not need to disclose any conflict of interest before voting on a proposal.

Ray is a shareholder of Small Biz Company (SBC).When the direc-tors fail to undertake an action to redress a wrong suffered by SBC,Ray files a suit on the firm's behalf. -Larry is a shareholder for Custom Colors,Inc.If Custom Colors fails,Larry will

If a corporation fails,the shareholders are all individually liable.

A corporation's officers and other executive employees are hired by corporate shareholders.

Lovey is a shareholder of Matchless Corporation with preemptive rights.With these rights,Lovey can

Nina is a director of Omega,Inc.Under the standard of due care owed by di-rectors of a corporation,Nina's decisions must be