Ruby Red Corporation Has Six Shareholders,four of Whom Are Members

question 3

Multiple Choice

Ruby Red Corporation has six shareholders,four of whom are members of the same family.All of Ruby's shareholders agree in writing to operate without shareholders' meetings.Under the Revised Model Business Corporation Act,this most likely warrants

• A)no penalties or sanctions.
• B)the imposition of a fine on Ruby.
• C)the imprisonment of Ruby's shareholders.
• D)the piercing of Ruby's corporate veil.