The Revised Act Explicitly Requires a Corporations's Charter to Authorize

question 30

Multiple Choice

The Revised Act explicitly requires a corporations's charter to authorize:

• A) one or more classes of shares that have limited voting rights.
• B) one or more classes of shares that together are entitled to receive the net assets of the corporation upon dissolution.
• C) Both are correct.
• D) nothing. The Revised Act only recommends, not requires, the charter contents.

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Definitions:

Facts

Statements that can be proven true or false, based on evidence and objective reality.

Internal Reports

Documents generated within an organization, intended for review by members of the organization, often used for decision-making or informational purposes.

External Reports

Documents prepared outside an organization that provide relevant information for decision-making or assessment purposes.

Operating Reports

Documents that provide an analysis of the day-to-day operations of a business, often used for internal review.