When Dissolution Takes Place by Voluntary Action, the Members of the Board

question 38

True/False

When dissolution takes place by voluntary action, the members of the board of directors are responsible for winding up the affairs of the corporation.

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Definitions:

Wrongful Dissociation

In a business partnership context, refers to the improper withdrawal or expulsion of a partner contrary to the agreement terms or laws.

Rightful

Legitimately or legally correct; justifiably claimed or acknowledged.

Term Partnership

A partnership established for a specified duration as outlined in the partnership agreement.

Specified Cause

A particular reason or condition that is clearly defined and identified for actions such as termination of a contract or activation of provisions.