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In 2005, the Revised Act was amended to emphasize the responsibility of officers to inform others in the corporation of matters that come to their attention, including any material violation of law involving the corporation or material breach of duty by an officer, employee, or agent of the corporation.
Revised Act
Legislation that has been amended or updated from its original version.
Material Violation
A substantial breach of a contract or agreement that significantly undermines the contract's purpose or damages the interests of one of the parties involved.
Material Breach
a significant violation of a contractual agreement that permits the other party to the contract to demand remediation or terminate the agreement.
- Understand the regulatory structure that oversees corporate entities, highlighting significant statutes such as the Sarbanes-Oxley Act and the Revised Act.
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Learning Objectives
- Understand the regulatory structure that oversees corporate entities, highlighting significant statutes such as the Sarbanes-Oxley Act and the Revised Act.
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