Question
Use the MBCA to answer the following questions 6-8. The directors of Leadership Academy, Inc., a corporation with several creditors and 100 shareholders, have decided
Use the MBCA to answer the following questions 6-8.
- The directors of Leadership Academy, Inc., a corporation with several creditors and 100 shareholders, have decided to dissolve the corporation because it has little business and is nearly insolvent.
a.Will the shareholders vote on this issue? Why or why not? Explain.
b.If some shareholders do not wish to dissolve, will they have appraisal rights? Why or why not? Explain.
c.The corporation owes $100,000 to its creditors and has $100,000 in assets and cash. How will this $100,000 be distributed in liquidation? Explain.
d.The corporation dissolved. Six months later it wishes to revoke its decision to dissolve. May it do so? Discuss.
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Law Express Constitutional And Administrative Law
Authors: Chris Taylor
6th Edition
1292210109, 978-1292210100
