Under the Revised Act, Brafford, a Director Who Is a Member

question 45

True/False

Under the Revised Act, Brafford, a director who is a member of the board that declares an illegal dividend, may be but is not under all circumstances personally liable to the company for the amount that is illegal even if she personally voted for the distribution contrary to the company's charter.

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Definitions:

Similarity

The state of being alike or having attributes in common, often used to describe comparability between objects, individuals, or concepts.

Reciprocal Liking

The phenomenon where individuals tend to like others who express liking towards them.

Fundamental Attribution Error

A cognitive bias where an individual overemphasizes personality-based explanations for behaviors observed in others while underemphasizing the role of external factors.

Eastern Cultures

The societies and cultures of countries situated in the eastern part of the world, particularly in Asia.