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swhite9946 swhite9946
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6 years ago
Corporate Powers. Soda Dispensing Systems, Inc, was owned by two shareholders, each of whom owned half of the stock. One shareholder was president of the corporation, and the other was vice president. Their shareholder agreement stated that neither shareholder could encumber any corporate property . . . without the written consent of the other. When Soda Dispensing went out of business, the two shareholders agreed to sell the assets, split the proceeds, and pay 9,900 to their accountants, Cooper, Selvin & Strassberg. Later, the president committed Soda Dispensing to pay Cooper, Selvin more than 24,000, claiming that he had the authority, as president, to make that commitment. When the accountants tried to collect, the vice president objected, asserting that the president had exceeded his authority. Will the court order Soda Dispensing to pay? Explain.
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tgreen77tgreen77
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swhite9946 Author
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6 years ago
You make an excellent tutor!
patod1
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Yesterday
Helped a lot
Alina01978
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2 hours ago
Thanks
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