Director Flashcards
1
Q
Corporation
Which Director is Liable?
A
A director is presumed to have concured with an unlawful distribution unless he dissent or abstention is noted in the minutes in the corporation.
Exception:
1) A absent director is not liable for unlawful distribution if the dissent is writing within a reasonable time after learning of the action
2) Good faith reliance
3) Reliance must be Good faith
