Mike Jones had been living at the same address in Springfield, California, for more than 30 years when he discovered that his water was emitting a strong odor. When he brought this observation to the attention of many of his neighbors, they complained of a similar odor. After some investigating, Mike discovered that a large corporation, the hypothetical Springfield Gas & Electric, had been dumping chromium 6, a possible carcinogen, into the water supply for decades. Mike then went to a lawyer with this discovery. The lawyer then filed suit against Springfield Gas & Electric in the name of the nearly 1,000 residents in Springfield with contaminated water.

Suppose that the corporate officers who were responsible for dumping the chemicals discussed in the case withdrew from the corporation. How does the withdrawal of corporate officers affect the existence of a corporation?

Multiple Choice

The corporation does not dissolve.

The corporation must renew its articles of incorporation.

The corporation has exceeded its maximum length of life for corporations.

The corporation must file for corporate status again once it finds new officers.

The corporation dissolves.