Under the MBCA,a Director

question 42

Multiple Choice

Under the MBCA,a director:

• A)will not have dissented if he refuses to vote for the proposed course of action.
• B)will not have dissented even if he makes his dissent clear to the other board members by having it appear in the minutes.
• C)will have dissented if he gives a written notice of dissent immediately following the meeting.
• D)will have dissented if he walks out on the board meeting.

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Definitions:

Equity Of Redemption

The equitable right of a mortgagor to acquire the title to the mortgaged property by payment of the debt secured by the mortgage.

Arrears

A state of being behind in fulfilling obligations, such as payments on a loan, rent, or utilities.

Purchaser

An individual or entity that buys goods or services from a seller.

Payments

The act of giving money in exchange for goods, services, or to fulfil a legal obligation.