Which of the following is not a requirement for a de facto corporation?

A) An organization meeting was never held.
B) There is a valid statute under which the corporation could be organized.
C) The promoters make an honest attempt to organize under the statute.
D) The promoters exercise corporate powers.

De Facto Corporation

A business that operates as if it were a corporation although it has not completed the formalities required for legal incorporation.

Organization Meeting

An initial meeting held to complete the formation of an entity, where bylaws are adopted, officers elected, and other organizational matters decided.

Corporate Powers

The legal rights and authorities that a corporation possesses, including entering contracts, owning property, and conducting business activities.