LAW 603 Lecture Notes - Lecture 6: Oppression Remedy, Fiduciary, Corporate Liability
16 Apr 2014
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Chapter 22 - legal rules for corporate governance. Power & responsibility in the corp. are allocated: shareholders- entitled to the assets of the corp that remain after all the creditors are paid on its dissolution. Only powers are to vote 4 the directors, appoint auditor, vote on proposals made to them. Private corporations have few sh"s & same ppl may be the sh"s, directors & officers. Public corporations corps that have distributed their shares to the public w. only a few shers involved in the corp. as directors & officers; requirements under provincial sec. law. Corp statutes allow any bus. that must be done @ a meeting to be recorded in written resolutions & Directors are obligated to call annual meetings @least every 15m. Annual meeting sh"s elect directors, appoint an auditor, & review the annual financial statements. Notice of the meetings, along w. info regarding these 3 items & any other bus.
