What Is The ‘Safe Harbor’ Act
- The director is kept ‘informed’ of the company’s position (perhaps by keeping detailed minutes describing the position?)
- The director keeps proper books of accounts and records available for inspection (a good accountant helps)
- There is no misconduct by any officers or employees of the company (dismiss them to save the company)
- The director is taking advice from qualified person (a good accountant is required)
- A plan (in writing for proof) is being implemented.
