The Revised Act states that "all corporate powers shall be exercised by or under the authority of,and the business and affairs of the corporation managed under the direction of ":
A) the shareholders of the corporation.
B) the chief executive officer of the corporation.
C) the officers of the corporation.
D) the board of directors of the corporation.

Question

Quizplus · Accepted Answer

The Revised Act clearly states that the board of directors of the corporation is responsible for managing the business and affairs of the corporation. While shareholders have some decision-making power (such as electing directors), the board of directors holds ultimate responsibility for corporate governance. The chief executive officer and other officers of the corporation may assist in managing the business and affairs of the corporation, but they ultimately answer to the board of directors.

The Revised Act States That "All Corporate Powers Shall Be