In most states, a corporation may, with shareholder approval, limit or eliminate the liability of directors for some breaches of the duties which they owe to the corporation.

Question

Quizplus · Accepted Answer

Many states allow corporations to include provisions in their charters that limit or eliminate directors' liability for certain breaches of duty, subject to shareholder approval, as a way to attract and retain qualified individuals.

In Most States, a Corporation May, with Shareholder Approval, Limit