Fact Pattern 41-3A (Questions A19-A20 Apply)

question 17

Multiple Choice

Fact Pattern 41-3A (Questions A19-A20 apply)
Atlantic Corporation's articles of incorporation prohibit a sale of its assets with?out a vote of the board of directors.Atlantic's officers sell some assets to Pacific Company without notice to the board.The officers also fail to pay Atlantic's taxes on time,and some Atlantic funds are not accounted for.
-Refer to Fact Pattern 41-3A.The appropriate remedy is most likely

• A)a sale of the rest of Atlantic's assets to its directors and shareholders.
• B)Atlantic's consolidation or merger with Pacific.
• C)Atlantic's dissolution.
• D)payment of damages to Atlantic's officers.

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Definitions:

Free Individuals

Persons who possess autonomy and the capacity to make choices unconstrained by external coercion or limitations, typically within the bounds of societal laws and norms.

Forces Of Production

in Marxist theory, refers to the means by which labor is applied to the resources of nature—such as tools, machinery, and factories—to produce goods and services.

Intellectual Resources

Assets that encompass knowledge, creativity, and innovation, contributing to an entity's competitive advantage.

Industrial Parks

Designated areas planned and zoned for the purpose of industrial development, typically offering infrastructure such as roads and utilities to support businesses.