Eastern Realty Corp. was organized to purchase, renovate, and sell office buildings. The officers of the corporation authorized the purchase of two buildings, which resulted in a substantial loss to the corporation. Can the stockholders legally hold the officers personally liable for the loss?

Question

Quizplus · Accepted Answer

The Answer of Eastern Realty Corp. was organized to purchase, renovate, and sell office buildings. The officers of the corporation authorized the purchase of two buildings, which resulted in a substantial loss to the corporation. Can the stockholders legally hold the officers personally liable for the loss?