Discuss majority of the executive and investment committees

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Reference no: EM131626433

Case study: Missouri Fidelity Union Trust Life Insurance Company stock was trading at $2.63 per share. Eight directors sold their shares for $7.00 per share, conditioned on the resignation of eleven of the fifteen directors of the corporation and the provision that five nominees of the buyer be elected as a majority of the executive and investment committees. Did the directors violate their fiduciary duty? Would the answer be different if the directors had controlled a majority of the voting stock?

Reference no: EM131626433

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