Which of the following is a feature of the Securities ExchangeAct of 1934 but not the Act of 1933?
The 1934 Act requires periodic disclosure by issuers withpublicly held equity securities.
It has registration provisions for issuance of securities.
The 1934 Act requires additional information in the registrationstatement.
It has several sections prohibiting fraud in securitiestransactions.
A manager who first offers an opportunity to disinteresteddirectors or shareholders who turn it down has the right to takeadvantage of the opportunity herself.
Jason, Ellen and Frank are business partners. Each of themhandles a separate area of the partnership’s business. Theyperiodically have partners’ meeting where they report to each otheron the financial status of their areas and discuss potential newbusiness. Jason’s area of business has recently become extremelyprofitable, and Ellen and Frank are so happy with the newfinancials that they have not closely questioned Jason about thedetails especially since the partners continue to receive an equalshare of the business profits each of them brings in. Ellen andFrank are shocked when the FBI comes to the office one Fridayafternoon and arrest Jason. The FBI also informs Ellen and Frankthat the office equipment is being seized and the partnership bankaccounts have been frozen. Which of the following is a correctstatement of the law?
Both Ellen and Frank can face criminal prosecution because thebusiness was operated as a partnership.
Ellen and Frank will not be liable for Frank’s conduct becauseFrank independently operated his area of the business.
Ellen and Frank should immediately file a Notice of Dissociationso that they will not be liable for Jason’s conduct.
By not closely questioning Jason about his area of the business,Ellen and Frank will be seen to have ratified Jason’s partnershipoperations.
Note: This question may have more than one correctanswer.
Title VII of the Civil Rights Act of 1964 precludesdiscrimination against which of the following persons:
persons with physical disabilities
persons who were not born in the USA
gey and lesbian persons
Note: this question may have more thanone correct answer. Under the revisedMBCA, if there are business debts following a defectiveincorporation, liability for the debts will be imposed on which ofthe following?
Promoters who knew of the defective incorporation.
Shareholders who acted as if a corporation had been formed.
Shareholders who participated in management and policy decisionsand knew of the defective incorporation.
Managers who participated in decision-making while thecorporation was operating.