Question

Which of the following correctly states the maximum amount payable for the shares of a deceased member in a limited liability society?

• A. It can be any amount determined by the society's board of directors.
• B. It cannot exceed the amount originally paid by the member
• C. It is limited to the face value of the shares, regardless of the amount paid.
• D. It is equal to the market value of the shares at the time of death, even if unpaid.

Answer 1

Answer:

B. It cannot exceed the amount originally paid by the member

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