Rhode Island Uniform Bar Examination (RI UBE)

Under the Model Business Corporation Act, which of the following is required to pierce the corporate veil?

The corporation was undercapitalized at the time of formation The controlling shareholders failed to hold annual meetings Fraud, injustice, or fundamentally unfair conduct, plus the corporate form was used as a mere instrumentality The corporation failed to pay dividends to shareholders

Correct Answer:

Fraud, injustice, or fundamentally unfair conduct, plus the corporate form was used as a mere instrumentality

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