No illegal activity had occurred The directors passed a unanimous decision

Question # 00333923 Posted By: forest_hill Updated on: 07/08/2016 11:08 PM Due on: 07/09/2016
Subject Business Topic International Business Tutorials:
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All of the directors of the XYZ Corporation were present at a meeting called on a Monday evening at 9 p.m. Meetings normally were held on Friday evenings at 6 p.m. At the Monday meeting, a report was made indicating that an agent of the corporation was having difficulties formalizing a contract in a foreign country. The report indicated that if funds were made available to a local political figure, the contract the company desired would be obtained. The directors unanimously voted to forward the necessary funds for this operation to the agent. An action was later commenced against the directors, alleging illegal activities. In response, the directors argue that: (1) no illegal activity had occurred; (2) if an illegal activity did occur, it was not at a valid meeting of the corporation and was therefore not an official action of the board; and (3) if they had to legally defend themselves, they would seek reimbursement from the corporation. Discuss each of the directors' contentions.
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  1. Tutorial # 00329519 Posted By: forest_hill Posted on: 07/08/2016 11:09 PM
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