MGSC30H3 Lecture Notes - Lecture 4: Annual General Meeting, Fiduciary, Legal Personality
Document Summary
Modern corporate form comes from two sources. Directors play different roles in each type of corporation. Directors run the business, and are usually the shareholders as well. Directors run the business for the passive shareholder investors. Directors are the trustees of the invested funds. Directors run the business of the corporation for the shareholders. Directors look after the affairs of the corporation as well. Business the commercial relations of the corporation as a legal person with other legal persons. Affairs the relations between the corporation and its shareholders. In the modern public corporation, the business and affairs have been split. Directors continue to be responsible for the affairs of the corporation. Managers not responsible to shareholders, so business not under shareholder control. Manage the business and affairs of the corporation. Shareholders elect directors by simple majority at the annual. Vacancies filled by board until next shareholder meeting. With a view to the best interests of the corporation.
