Appraisal right of dissenting stockholder does NOT apply to-       a. Amendment of the articles to shorten corporate term       b. Sale of all or substantially all of the corporate assets       c. Investment of funds for another purpose       d. Amendment of by-laws

Dennis is the oldest among the four shareholders and is in the poorest health. He is concerned that upon his death his wife will be stuck with the shares, because there will be no market for them. However, he would like her to be able to use the proceeds from selling the shares for living expenses. For their part, Able, Baker, and Carter like Mrs. Dennis, but are not interested in being co-owners of the business with her. And they certainly do not want her to sell Dennis's shares to an unknown third party. So, they four have agreed that upon Dennis's death, Mrs. Dennis will be obligated to sell one third of the shares to Able, one third to Baker, and one third to Carter. Able, Baker, and Carter agree to buy the shares at a price figured according to a predetermined formula. What kind of transfer restriction is this? Multiple Choice Option agreement Right of first refusal Provision disqualifying purchasers Buy-and-sell agreement Consent constraint

A director using confidential information to trade in a company's shares is MOST likely to be in breach of the director's duty:A. to act in the company's best interests.B. to act with care, skill and diligence.C. to exercise powers for a proper purpose.D. to avoid a conflict of interests.

Am. 390.

23. All of the following actions by an agent may be considered misrepresentations Except O a. Illustrating the dividends on an insurance policy b. describing a policy as a share stock c. describing insurance coverage ambiguously d. overstating an insurance company's surplus #DI

describing a Limited Liability Company (LLC) business that would created. Indicate a specific provisions that would be include in the LLC's Articles of Organization.

A mutual will cannot be unilaterally revoked after one of the parties has died. true or false

a debtor fails to appear at the Chapter 7 creditors' meeting, the court may refuse to grant the bankruptcy. True False

Which of the following rights may a member of a limited liability company (LLC) transfer to a non-member? voting on matters of business management inspecting the records of the LLC sharing the company’s financial profits participating in management

Fill in the Blank (Select Correct Answer) The purchase of shares of stock in a corporation make that person an(officer, shareholder, director) of that corporation. Typcially, shareholders have (responsibility, no responsibility) for the daily management of the corporation. Shareholders are (not entitled, entitled) to participate in a shareholders meeting, which typically must occur at least (weekly, annually, monthly). The date upon which stock owernship is recorded for voting rights purposes is known as a (voting date, record date, rights date). Any date can be selected as long as it is no more than (fifty, seventy, twenty) days before the shareholder meeting. Brenda purchased Mike's shares on (July 1, July 15, June 1), which is fifteen days (before, after) the record date. On the record date, (Brenda, Mike) owned the shares. Therefore, Brenda (does have voting rights, does not have voting rights) and Mike (does not have voting rights, does have voting rights) from the 100 shares of…