20-22

The board of directors of a corporation: Are elected by the corporate registrar. Are responsible for day-to day operations of the business. Do not have the power to bind the corporation to contracts, due to lack of mutual agency. May not also be executive officers of the corporation, due to the separate entity principle. Are responsible for and have final authority for managing corporate activities. The costs of bringing a corporation into existence, including legal fees, promoter tees, and amounts paid to obtain a charter are called: Minimum legal capital. Stock subscriptions. Organization expenses. Selling expenses. Prepaid fees. The date the directors vote to declare and pay a dividend it called the: Date of stockholders meeting. Date of declaration. Dale of record. Date of payment. Liquidating date