The Model Business Corporation Act states: "All corporate powers shall be exercised by or under the authority of,and the business and affairs of the corporation managed by or under the direction of,its

Question

Quizplus · Accepted Answer

The Model Business Corporation Act states that the business and affairs of the corporation shall be managed by or under the direction of the board of directors, which means that choice C is the correct answer. The shareholders have the power to elect the board of directors and to vote on significant matters affecting the corporation, but they do not manage the day-to-day operations of the corporation. The officers are responsible for the implementation of the policies and decisions of the board of directors, but they do not have the overall management authority. The executive committee, if it exists, is a subcommittee of the board of directors and does not have independent management authority.

The Model Business Corporation Act States: "All Corporate Powers Shall