Which of the Following May Be Used to Redress the Ultra

question 26

Multiple Choice

Which of the following may be used to redress the ultra vires acts committed by a corporation?

• A)Proceeding by shareholders for an injunction.
• B)Suit by the corporation or shareholders derivatively against present or former directors or officers for commission of the acts.
• C)A proceeding by the attorney general of the state of incorporation to enjoin it from the transaction of unauthorized business.
• D)All of the above may be used.

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Definitions:

Group Benefit

An advantage or favorable outcome obtained by a team or group, often in the context of workplace incentives or shared services.

Cash Balance Plan

Retirement plan in which the employer sets up an individual account for each employee and contributes a percentage of the employee's salary; the account earns interest at a predefined rate.

Predetermined Rate

A fixed charge, wage, or value established in advance for transactions, services, or labor, often based on standard criteria or prior agreements.

U.S. Treasury Bills

Short-term government securities with maturities ranging from a few days to 52 weeks, sold at a discount from their face value.