In Ironite Products v. Samuels, where a major shareholder (Samuels) of Ironite sued, contending the bylaws had been violated, the appeals court held that:
a. the bylaws had been violated because the Companies' bylaws did not clearly sanction the Board of Directors to manage the business and affairs of the company
b. the bylaws had been violated because the Companies' bylaws clearly sanctioned the Board of Directors to manage the business and affairs of the company
c. the bylaws had not been violated because the Companies' certificate of incorporation clearly sanctioned theBoard of Directors to manage the business and affairs of the company
d. the bylaws were never properly approved and so there was no case for violation of bylaws e. none of the other choices are correct
e
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A company purchased a machine for $200,000. The accumulated depreciation on the machine is now $130,000. The machine is junked. Which journal entry is prepared to record the disposal?
A) debit Loss on Disposal of Machine for $70,000, debit Accumulated Depreciation - Machine $70,000 and credit Machine for $140,000 B) debit Accumulated Depreciation - Machine for $130,000 and credit Machine for $130,000 C) debit Accumulated Depreciation - Machine for $200,000, credit Machine for $130,000 and credit Gain on Disposal of Machine for $70,000 D) debit Loss on Disposal of Machine for $70,000, debit Accumulated Depreciation - Machine for $130,000 and credit Machine for $200,000