Under Securities and Exchange Commission Regulations, Who May Be a Member

question 55

Multiple Choice

Under Securities and Exchange Commission regulations, who may be a member of an audit committee for a listed company?

• A) Any member of the corporate board of directors
• B) Any member of the corporate board of directors who is not a Certified Public Accountant (CPA)
• C) Only members of the corporate board of directors who do not have a material interest in the company
• D) Any manager or director of the corporation

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Definitions:

Original Owner

The initial owner of an asset or property, typically before its sale, transfer, or conveyance to another party.

Jointly and Severally Liable

A legal term indicating that all parties involved can be held responsible individually or collectively for all aspects of liability.

Tenancy at Sufferance

A legal condition where a tenant remains in possession of a property after the expiration of the lease, without the landlord's consent.

Uniform Landlord-Tenant Act

A model law intended to standardize residential lease agreements and protect both landlords and tenants' rights across the US.