When a corporation desires to sell a majority of its assets, which of the following must...
When a corporation desires to sell a majority of its assets, which of the following must it obtain?
(a) Approval from its board of directors and shareholders, but not from officers.
(b) Approval from officers and its board of directors, but not from shareholders.
(c) Approval from shareholders, but not from officers or its board of directors.
(d) Approval from officers, its board of directors, and shareholders.
(e) Approval from its board of directors, but not from shareholders or officers.
Homework Answers
Answer is option A
(a) Approval from its board of directors and shareholders, but not from officers.
If the corporation is selling all of its assets and trying to change its position then the corporation is required to get approval from both, board of directors and shareholders.
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