Asked by Naoise Kiernan on Jul 25, 2024
Verified
When a vacancy occurs on a corporate board, how the position will be filled is most likely set forth in
A) the corporation's articles or bylaws.
B) shareholder proxies.
C) the business judgment rule.
D) the board's recorded minutes.
Shareholder Proxies
Legal authorizations granted by shareholders for someone else, often a board member, to vote on their behalf at company meetings.
Articles Or Bylaws
Written rules and regulations governing the structure and operations of a corporation or organization.
- Comprehend the procedure and prerequisites for the election of directors and the structure of the board.
Verified Answer
KK
Kevin KeeganJul 30, 2024
Final Answer :
A
Explanation :
The corporation's articles of incorporation or bylaws typically outline the procedures for filling vacancies on the board, including whether the board itself can appoint someone or if a shareholder vote is required. These documents serve as the primary governance guidelines for the corporation.
Learning Objectives
- Comprehend the procedure and prerequisites for the election of directors and the structure of the board.