John is a member of the board for his condominium development. John has missed 8 of the last 12 board meetings. The other board members have missed at least 50 of the meetings. The board did not hire an accountant to review the financial reports of the condo manager. Eighteen months after John took his position on the board, an accountant was retained to examine the books of the condo development. The accountant discovered that the manager had embezzled 250,000. Which of the following statements is correct?
A) The board members can be held liable for the missing amount if the condo owners are able to establish a violation of the business judgment rules.
B) Condo board members are immune from liability.
C) The business judgment rule does not apply to condo boards.
D) The board members can be held liable only for gross negligence.
Question 2
Shares exist for only as long as the corporation exists.
Indicate whether the statement is true or false
John Muir
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