In Ironite Products V

question 285

Multiple Choice

In Ironite Products v. Samuels, where a major shareholder (Samuels) of Ironite sued, contending the bylaws had been violated, the appeals court held that:

• A) there was no fraud, the directors followed the rules, so he had no suit
• B) while there was no fraud, the directors did not follow the bylaws properly, so the changes made to the corporation would have to be reconsidered
• C) the bylaws had been violated, so Samuels was due full fair market value of his shares
• D) the directors violated their duty to the corporation so would be removed from control and Samuels would take control of the company
• E) none of the other choices

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Definitions:

Golgi Apparatus

A cell organelle that modifies, sorts, and packages proteins and lipids for transport or secretion.

Mitochondria

Organelles within cells that produce energy through the process of cellular respiration.

Energy Output

The amount of energy produced and released by a process or system, such as during physical activity or by a power plant.

Mitochondria

Membrane-bound organelles found in the cytoplasm of eukaryotic cells, involved in producing energy through the process of oxidative phosphorylation.