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Author Question: Art Raskle was an officer, director, and employee of a broadly held corporation. At a directors ... (Read 43 times)

clmills979

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on: Aug 7, 2021
Art Raskle was an officer, director, and employee of a broadly held corporation. At a directors meeting, he was surprised but pleased to learn that the corporation was discussing a resolution to contract with the firm of Fielding's Office Supply for $200 worth of office equipment. Raskle and a businesswoman had recently bought that business; Raskle has a 45% interest in it. Raskle voted for the contract and the resolution passed without discussion by a vote of 6-0. Several months after completion of the purchase, the other directors learned of Raskle's interest in Fielding's Office Supply and called on him to account to the corporation for any profit made. Which of the following is true?
◦ Raskle has breached his fiduciary duty but if the sale was "fair" and if the shareholders approve the sale by a special resolution after full disclosure, he need not account to the corporation for any profit made.
◦ Raskle must account for any profit made because he failed to disclose his interest and voted on the question.
◦ Raskle is not in breach of his fiduciary duty because directors of corporations vote on contracts in which they have an interest all the time.
◦ Raskle has not breached his fiduciary duty because his vote did not determine the matter. Had he not voted, the result would have been the same.
◦ Raskle is not in breach of any fiduciary duty because the dollar value of the contract falls below the minimum statutory threshold.
Legal Fundamentals for Canadian Business ¦ Yates ¦ 4th Edition
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Marked as best answer by clmills979 on Aug 7, 2021

medine

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Reply #1 on: Aug 7, 2021
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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clmills979

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Reply 2 on: Aug 7, 2021
Thanks for the timely response, appreciate it

ryansturges

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Reply 3 on: Yesterday
:D TYSM

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