The Model Business Corporation Act Has Made the Inclusion of a Purpose

question 40

True/False

The Model Business Corporation Act has made the inclusion of a purpose clause in the articles compulsory.

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Definitions:

Reasonable Assurance

A level of confidence that the controls in place in an organization are adequate to mitigate risks to an acceptable level.

Cash Equivalents

Short-term, highly liquid investments that are readily convertible to known amounts of cash with original maturities of three months or less.

Illegal States

Illegal states refer to conditions or configurations in a computer system, program, or algorithm that violate its intended operational parameters or rules, often leading to errors or system failure.

Converted to Cash

Transforming assets or securities into liquid cash through sale or redemption.