This merger was considered vertical due to the fact that AOL only distributed information online whereas Time Warner was known to distribute information to CNN and Time Magazine.
A company can adopt a new name at any time after incorporation; it can be materialised by obtaining the consent of shareholders by passing a special resolution.
Usually, the promoters of the Company take care of the investment activities and decide the amount to be invested in the company after its incorporation.
If you are elected as a director of a company you are expected to act on behalf of the company and complete all the compliances and management of the business, directorship brings legal obligation for the director to act in a proper manner when undertaking company business and if it is found that the director was working in any unfit conduct he has to face disqualification and in some instances penalties as well.