| Breakpoints in Mutual Fund Charges |
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| Mutual funds may offer "breakpoints" in their front-end sales load. Thus, a fund that charges a fee of five percent for investments up to $25,000 may charge only four percent for investments from $25,000 to $50,000 and three percent for investments over $50,000. The fund has breakpoints at $25,000 and $50,000.More... |
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| Articles of Incorporation and Bylaws |
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| Bylaws are written provisions describing how day-to-day operations of a corporation will be conducted. A corporation's activities are governed, in order of precedence, by statute, corporate charter, and bylaws. More... |
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| Business & Corporate Entities> Corporations> Directors & Officers> Management Duties & Liabilities |
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| (Sources of Document Retention Requirements)More... |
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| Ultra Vires Acts |
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| In most states, the duty of obedience is recognized as one of the three fiduciary duties a director owes to the corporation. One component of the duty of obedience is that a director is prohibited from committing an ultra vires act. Ultra vires, translated from the Latin, means "beyond powers." An ultra vires act is beyond the scope of the powers bestowed on the corporation (and the director) by the corporate charter or bylaws. Thus, a director commits an ultra vires act when he acts without or beyond the authority vested in him by the corporation. More... |
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| Formation and Operation of a Nonprofit Corporation |
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| Nonprofit corporations are a useful tool for organizing for charitable, educational, religious, literary, or scientific purposes while reducing the risk of individual liability in accomplishing those goals. A nonprofit corporation is often referred to as a 501(c)(3) corporation due to the tax code provision under which most nonprofit corporations are considered exempt from federal taxation.More... |
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