MCS 3040 Lecture Notes - Lecture 16: Canada Business Corporations Act, Oppression Remedy, Financial Statement

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 3040
• Professor: Joe Radocchia

Document Summary

Developed by the courts and provides that a corporation is liable when the person committing the wrong is the corporation"s directing mind. Identification theory establishes when a corporation has primary liability in tort: a corporation can also have vicarious liability, when a wrong or breach of contract occurs as a result of the conduct of an employee. Regulatory offences an offence contrary to the public interest: corporation and sometimes even its directors and officers face penalties, including civil liability for damages. Corporation faces liability in many areas including: taxation, human rights, pau equity, employment standards, consumer protection, unfair or anticompetitive business practices, occupational health and safety, and environmental protection. Directors and officers are fiduciaries to the corporation: Implications: must avoid self-dealing contracts a contract in which a fiduciary has a conflict of interest. Fiduciary duty: cannot intercept a corporate opportunity a business opportunity in which the corporation has an interest.