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Executive Committee
a smaller group within a larger organization's board of directors that makes important decisions and policies.
Purpose Clause
A section within a legal document or law that outlines the intent or goal of the document or statute.
Model Business Corporation Act
A model set of laws prepared by the American Bar Association that serve as a guide for state legislations to regulate corporate formation, operation, and dissolution.
Minority Shareholder
An investor who owns less than 50% of a company's shares, holding less control over decisions.