TIMED TASK

Statement 1. In no case shall the total yearly compensation of directors exceed ten (10%) percent of the net income before income tax of the corporation during the preceding year. Statement 2. A contract of the corporation with (1) one or more of its directors, trustees, officers or their spouses and relatives within the fourth civil degree of consanguinity or affinity is void, at the option of such corporation. Only the second statement is correct Both statements are wrong Only the first statement is correct Both statements are correct