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Under the Model Act and in a majority of the states, a quorum of shareholders at an unnual meeting may be not less than percent of the shares entitled to vote. Oa 10 Ob. 50 Oc 66 2/3 d. 33 1/3

Under the Model Act and in a majority of the states, a quorum of shareholders at an unnual meeting may be not less than percent of the shares entitled to vote. Oa 10 Ob. 50 Oc 66 2/3 d. 33 1/3

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Under the Model Act and in a majority of the states, a quorum of shareholders at an annual meeting may be not less than percent of the shares entitled to vote. Oa 10 Ob. 50 Oc. 66 2/3 Od.33 1/3 QUESTION 11 Closely held corporations sometimes impose supermajority or unanimous quorum requirements even though this creates the possibility of deadlock at the director level. OTrue False QUESTION 12 Which of the following is correcet regarding the removal of Mr. X from the board of XYZ? a. Under common law and statutory law, a director can never be removed without cause. b. The articles of incorporation cannot provide for the removal of directors. c. The common law does not permit removal of a director for any reason. d. The RMBCA permits the removal of a director without cause.
Transcribed Image Text:Under the Model Act and in a majority of the states, a quorum of shareholders at an annual meeting may be not less than percent of the shares entitled to vote. Oa 10 Ob. 50 Oc. 66 2/3 Od.33 1/3 QUESTION 11 Closely held corporations sometimes impose supermajority or unanimous quorum requirements even though this creates the possibility of deadlock at the director level. OTrue False QUESTION 12 Which of the following is correcet regarding the removal of Mr. X from the board of XYZ? a. Under common law and statutory law, a director can never be removed without cause. b. The articles of incorporation cannot provide for the removal of directors. c. The common law does not permit removal of a director for any reason. d. The RMBCA permits the removal of a director without cause.
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