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Essay Multiple Choice

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All Jurisprudence based

0 tracked cards Commercial and Taxation Laws

A seven-member board approves a fair contract to lease property from Director Ana. Four directors attend, including Ana, and her presence is indispensable to the required quorum. The company is not vested with public interest. Stockholders later meet specifically to ratify after full disclosure, and holders of two-thirds of outstanding capital vote yes. Assuming all other legal requirements, which is best?

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Full disclosure replaces the required vote entirely A quorum defect can never be ratified under Section31 A simple majority of attendees always would have sufficed Section31 permits this ratification route despite the quorum defect, with full disclosure and continuing fairness

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