Author Question: Fashions, Inc has 12 shareholders. The company is subject to the Model Act. What officers is ... (Read 104 times)

nummyann · **on:** Jun 24, 2018

Fashions, Inc has 12 shareholders. The company is subject to the Model Act. What officers is Fashions, Inc required to have?
A) A president, secretary, and treasurer
B) A president and a secretary, and they can be the same person
C) A president, at least one vice-president, a secretary, and a chief financial officer
D) Whatever officers are described in the corporate bylaws

Question 2

Jenny is an officer of a corporation. She made a difficult business decision. When challenged about her decision, the court ruled she had acted in good faith and that the business judgment rule applied. As such
A) Jenny will not be held personally liable for any harm her decision has caused the company.
B) Jenny's decision will be reviewed by a court.
C) Jenny is immune from a lawsuit.
D) Jenny must resign from the board.