Chapter 28

The flashcards below were created by user luissantan06 on FreezingBlue Flashcards.

There is considerable variation among state corporation laws.

True or False

True
A close corporation may restrict the right of a shareholder to transfer stock.

True or False

True
Only acts that fall within the express powers of a corporation are ultra vires.

True or False

False
Ultra Vires

A latin term meaning "beyond the powers" in corporate law, acts of a corporation that are beyond its express and implied powers to undertake
Articles of incorportation are drafted at the corportions first organizational meeting.

True or False

False
"Piercing a corporate viel" means exposing a firm's shareholders to personal liability

True or False

True