The Revised Act authorizes the articles of incorporation to include a provision eliminating or limiting, with certain exceptions, the liability of a director to the corporation or its shareholders for any action he takes, or fails to take, as director. These limitations or exceptions, for which liability would not be affected, include:
A) the amount of any financial benefit the director receives to which he is not entitled, such as a bribe, kickback, or profits from a usurped corporate opportunity.
B) an intentional infliction of harm on the corporation or the shareholders.
C) liability under Section 8.33 for unlawful distributions.
D) All of these are correct.

Question

Quizplus · Accepted Answer

The correct answer is D because all the listed options (A, B, and C) represent exceptions to the limitations on a director's liability. These include receiving unentitled financial benefits, intentionally harming the corporation or its shareholders, and liability for unlawful distributions under Section 8.33.

The Revised Act Authorizes the Articles of Incorporation to Include