A de facto corporation:
A. existed when the promoters substantially complied with all mandatory provisions.
B. was not permitted to deny its corporate existence.
C. never involves a quo warranto action.
D. could be challenged by a third party.
Answer: B
You might also like to view...
Which of the following is true regarding the provisions of International Accounting Standard No. 39, "Financial Instruments: Recognition and Measurement (amended 2005)?
a. IAS No. 39 applies only to financial assets. b. IAS No. 39 applies only to financial liabilities. c. IAS No. 39 applies only to accounting for derivatives and loans and receivables. d. IAS No. 39 applies to both financial assets and financial liabilities.
At the ________ level of moral development, people make an effort to define moral principles for themselves.
A. preconventional level B. conventional level C. postconventional level D. neoconventional level
List two types of introductions used in presentations
Two clerks sharing the same cash register is a violation of which internal control principle?
A. Bond key employees. B. Establish responsibilities. C. Apply technological controls. D. Maintain adequate records. E. Insure assets.