A Detailed Set of Rules Adopted by the Board of Directors

question 54

Multiple Choice

A detailed set of rules adopted by the board of directors after a corporation is incorporated that contains provisions for managing the business and the affairs of the corporation are referred to as ________.

• A)ultra vires rules
• B)articles of incorporation
• C)bylaws
• D)corporation codes

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Definitions:

Contingency

An event or condition that is possible but cannot be predicted with certainty, often dependent on other events happening.

Conjunct

A conjunct is a component of a compound sentence formed by the logical connective ‘and’, contributing to the compound's overall truth value.

Conjunction

A word used to connect clauses or sentences (in grammar) or the operation in logic that forms a compound statement which is true only if both of its components are true.

Contingency

An upcoming occurrence or condition that has the potential to happen but whose certainty cannot be guaranteed.