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According to the amendments to the Revised Act from 2014 and 2016, corporations may include in their articles of incorporation a provision that allows a director or an officer to chose to not present a business opportunity to the corporation.
Revised Act
An updated or modified version of a law or statute that reflects current needs and circumstances, incorporating new amendments or corrections.
Articles of Incorporation
Legal documents filed with a government body to legally document the creation of a corporation.
Director
An individual elected to sit on a board that oversees the policies and decisions of an organization or corporation.
- Understand the regulatory structures that oversee companies, encompassing the Statutory Close Corporation Supplement, the Revised Act, and the Dodd-Frank Act.
- Comprehend the regulations and exemptions related to competition, business opportunities, and the distribution of shares.
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Learning Objectives
- Understand the regulatory structures that oversee companies, encompassing the Statutory Close Corporation Supplement, the Revised Act, and the Dodd-Frank Act.
- Comprehend the regulations and exemptions related to competition, business opportunities, and the distribution of shares.
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