A What Is a Quorum of the Board of Directors

question 88

Essay

a. What is a quorum of the board of directors for purpose of conducting corporate business? What does the Revised Act say with regard to a quorum? What is a supermajority requirement?
b. The directors of Bigkey, Inc. can't decide whether to declare a dividend, so the board appoints a committee consisting of the president of the corporation, the vice president of the corporation, and the treasurer to decide whether to pay a dividend. If the committee wants to declare a dividend, the directors say the officers can pay it immediately before the next board meeting. Is this a permissible delegation of corporate authority? Explain.

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Definitions:

Utility

Utility is an economic concept referring to the satisfaction or benefit a consumer receives from consuming a good or service.

Organizational Buyers

Businesses or entities that purchase goods and services for their own use, for production, or for resale to others.

Raw Materials

The basic substances or components that are processed or refined to create finished goods or products.

Manufacturers

Companies or entities that make goods through a process involving raw materials, components, or assemblies, usually on a large scale.