Mrs. Marine was a director of a major investment corporation. In the course of her normal work, she identified a land development investment opportunity that she felt would be good for the company and passed along the information to the board of directors. The board rejected the opportunity and told Mrs. Marine she could pursue it on her own. Mrs. Marine is trying to decide if she should take advantage of the investment opportunity. What advice would you offer to her?
◦ Mrs. Marine should only enter into the investment opportunity after she has the permission from the board of directors in writing.
◦ Mrs. Marine should enter into the investment opportunity with confidence, as she fulfilled her fiduciary duty and has permission from the board of directors.
◦ Mrs. Marine should not proceed with the opportunity, as she should realize that the board of directors could change its decision.
◦ Mrs. Marine should consider the opportunity and ensure that no harm could come to the corporation if she participates in the deal, as a shareholder may be able to bring a representative action against her in such a situation.
◦ Mrs. Marine should consider the opportunity and ensure that no harm could come to the corporation if she participates in the deal, as a shareholder may be able to bring an oppression action against her in such a situation.
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