Additionally, financial reporting must provide internal guidance to program managers to maintain budgetary control and to governing city councils and boards of directors to provide adequate financial policy guidelines.
This case is illustrative of the need to distinguish between corporate and personal liability when suing directors and officers of a corporation in tort.
No-par stocks often require the board of directors of a company to determine a stated value when issuing no-par stock to replace the par-determined capital amounts.
If the mechanisms of voting do not prove enough, particularly for minority shareholders, directors' duties and other member rights may be vindicated in court.
