KS Bar Practice Questions - Kansas Bar Examination Exam

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A corporation's board of directors approves a transaction in which a director has a personal financial interest. Under the business judgment rule and corporate fiduciary principles, the interested transaction may be upheld if:

The interested director simply votes for it It is approved by disinterested directors or shareholders after full disclosure, or is otherwise entirely fair to the corporation The corporation later becomes profitable The director resigns after the vote

Correct Answer:

It is approved by disinterested directors or shareholders after full disclosure, or is otherwise entirely fair to the corporation

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