What are two major duties that state incorporation laws impose on boards of directors?
What will be an ideal response?
Answer: State incorporation laws require boards of directors. They impose two lofty duties on them, first, to represent the interests of stockholders by conducting a profitable business that enhances share value, and second, to exercise due diligence in supervising management.
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Which type of fraud is perpetrated by borrowers when they misrepresent information on loan applications, including income, employment, assets, and/or occupancy to purchase homes for which they normally would not qualify?
A. Fraud for property B. Fraud for profit C. Mortgage fraud D. Loan flipping
A captive customer is most likely to ________
A) have a low purchase amount B) recommend a brand or company to others C) have a weak product preference D) have a high customer loyalty index E) have a high desire to repurchase