Answered step by step
Verified Expert Solution
Question
1 Approved Answer
XYZ Corp., which manufacturers computers, has 8 directors. Four of them, Ed, Jay, Jim and Bill, are also directors of the ABC Corp., which sells
XYZ Corp., which manufacturers computers, has 8 directors. Four of them, Ed, Jay, Jim and Bill, are also directors of the ABC Corp., which sells computers to the public. ABC and XYZ enter into a contract whereby XYZ will manufacture for ABC20 computers. The board of directors of XYZ Corp.is holding a meeting to vote on the contract. All directors show up to vote. a. Because Ed, Jay, Jim and Bill are directors of both boards, the directors at the meeting may not vote to approve the contract. b. A majority vote of the Board may be adequate if it is unanimous. c. The only way the vote of the Board may be adequate is if it is unanimous. d. The votes of Ed, Jay, Jim and Bill, do not count and a majority vote of the other directors is adequate to approve the deal
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started