35. Genesis Corporation is incorporated in a state that has the following statute: Shares may be issued for such consideration as is determined from time to time by the Board or by the shareholders if the articles so provide, consisting only of the following: money paid or services previously rendered to the corporation, but in no event may shares be issued for a promise or pledge of future payment or future services. Genesis Corporation issued 100 shares of the Corporation's shares to Phil Collins, the new CEO of Genesis Corporation, in exchange for his promise to serve as CEO of Genesis Corporation for not less than 2 years following the date of the issuance of the shares. Prior to the annual meeting of shareholders, a shareholder sued to enjoin (prevent) Collins from voting his shares. The lawsuit will be successful because Phil Collins did not provide adequate consideration for his shares under the applicable state statute. The lawsuit will be successful because Phil Collins breached his duty of loyalty to Genesis Corporation by virtue of his engaging in a self-dealing transaction. The lawsuit will be unsuccessful because the Board of Directors of Genesis Corporation issued the shares to Phil Collins in exchange for his future services as CEO of Genesis Corporation. O The lawsuit will be unsuccessful because the Board of Directors has actual authority to accept Phil Collins' promise to pay for the shares in the future