Midterm Notes

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Management (MGS)
Course Code
H Laurence

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Chapter 17 y a corporation has a number of important characteristics which may be summarized as follows a is separate and distinct from its shareholders and it acts not through them but through its authorized agents b a properly authorized agent may bind the corporation in contract with third parties c the shareholders of a corporation possess limited liability for the debts of the corporation and the creditors may look only to the assets of the corporation to satisfy their claims y checklist of issues arising in shareholders agreements 1 parties and numberclass of shares subscribed and paid 2 business objects of the corporation 3 restrictions on powers of directors 4 special rules on number nomination election or vacancies of directors 5 required notice of meetings their place quorum and voting powers 6 special powers of shareholders for special critical decisions 7 appointment and remuneration of officers 8 plans and budgets 9 appointment of bankers and auditors 10 recordkeeping access and shareholder rights to information 11 policies regarding future financing needs policy on shareholder loans 12 dividend paymentretained earnings policies 13 requirements of
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