Fact Pattern 31-3 Bank Company decides to combine its operations with Credit Corporation to form Debit Finance Inc. Bank and Credit are domestic corporations.
Refer to Fact Pattern 31-3. The plan for Bank and Credit's combination must be approved by the board of directors of
A) both corporations.
B) Bank only.
C) Credit only.
D) neither corporation.

Question

Quizplus · Accepted Answer

The plan for the combination of Bank and Credit must be approved by the board of directors of both corporations, as it involves a significant change in the structure and operations of both entities.

Fact Pattern 31-3 Bank Company Decides to Combine Its Operations