Chapter 28

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  1. There is considerable variation among state corporation laws.

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

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

    True or False
    False
  4. 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
  5. Articles of incorportation are drafted at the corportions first organizational meeting.

    True or False
    False
  6. "Piercing a corporate viel" means exposing a firm's shareholders to personal liability

    True or False
    True

Card Set Information

Author:
luissantan06
ID:
52343
Filename:
Chapter 28
Updated:
2010-11-30 04:24:46
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Chapter Business Law Class
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Chapter 28
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