Internal affairs

Question 1

Authority of officers

Answer 1

Officers, who generally are elected by the board of directors, act as agents of the corporations

An officer can act with actual express authority, actual implied authority, or apparent authority.

Question 2

Dissolution and winding up

Answer 2

A corporation may voluntarily terminate its status.

The order of distribution is as follows:

(1) The creditors of the corporation;
(2) The shareholders of stock with preferences in liquidation;
(3) Other remaining shareholders of stock.