Ruby Red Corporation has six shareholders,four of whom are members of the same family.All of Ruby's shareholders agree in writing to operate without shareholders' meetings.Under the Revised Model Business Corporation Act,this most likely warrants

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Quizplus · Accepted Answer

The Revised Model Business Corporation Act allows for corporations to privately agree to waive shareholders' meetings, and there are no penalties or sanctions for doing so. Therefore, the fact that all of Ruby Red Corporation's shareholders have agreed in writing to operate without shareholders' meetings warrants no penalties or sanctions.

Ruby Red Corporation Has Six Shareholders,four of Whom Are Members