Corporations

Question 1

Business judgment rule

Answer 1

Protects a director for breaching duty of care if:

(1) director acted in good faith;
(2) director acted in what he reasonably believed to be in the best interests of the corporation; and
(3) a person in like position would reasonably believe the action appropriate

Question 2

Notice of meeting to shareholders

Answer 2

between 10 and 60 days prior to meeting