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Question
Bay City Merchants Corporation has six shareholders, four of whom are members of the same family. All of Bay City's shareholders agree in writing to operate without shareholders' meetings. Under the Revised Model Business Corporation Act, this most likely warrantsa. no penalties or sanctions.
b. the imposition of a fine on Bay City.
c. the imprisonment of Bay City's shareholders.
d. the piercing of Bay City's corporate veil.
Answer
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