All states stipulate that there shall be no fewer than three directors for each corporation.
Statutes often require that the attestation of witnesses be made in the presence of the
testator and in the presence of each other.
The creditors of Sara Delano have petitioned for involuntary bankruptcy proceedings
against her. Delano has been consistently late in paying her obligations for the past year.
Two months before the petition was filed, a custodian was appointed to protect Delano’s
property. In her statement contesting the bankruptcy petition, Delano pointed out that
she had dealt in good faith and could not be shown to be guilty of any act of
misconduct. In addition, she cited her willingness to allow a custodian to be appointed
as an indication of her intention to avoid bankruptcy and honor her obligations. Can she
prevail?