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Arthur is the vice president of Finance at Inco Incorporated. Arthur is an officer of the corporation. Arthur is responsible for determining if the corporation will give out dividends. The dividends are to be given in the next quarter. Arthur reviews the financial status of the corporation and determines that no dividends could be given in the next quarter. Arthur and his staff decides to remove some funds from the "employee retirement account", they also remove funds from the "unemployment compensation account", worker's compensation account, and the quarterly tax payment account (manipulating the books) to show a profit for the current quarter.
Based on Arthur's report, the Board of Directors declare a dividend. When the dividend is declared, the market value of stock increases and Inco receives paid in surplus and gives Arthur the opportunity to replenish the accounts where the funds were withdrawn. Also, Author exercises his stock option when the price of the shares in Inco increases.
Who controls a corporation? What are the "fiduciary obligation of officers and directors"? Has Arthur violated any corporate laws? Are the Directors liable? Are the shareholders liable?
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