Management and Organizational Studies 2275A/B Lecture Notes - Lecture 8: Natural Justice, Derivative Suit, Wrongful Dismissal

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2275A/B
• Professor: James Hildebrand

Document Summary

More elaborate nancial disclosure (mandatory) and mandatory audits, agms and reports. Corporation is "born" on the day the certi cate of incorporation is issued. Rules set out duties of rules and directors. Agms have directors sharing information with the public. Has to specify who gets what power in the incorporation. Will be personally liable for corporation - under duty of canadian business act. They cannot make a pro t at the company"s expense. Can cause con ict of interest if you bene t from the deal. Must declare the con ict of interest and recommend that corporation gets independent legal advice. Major changes have to be run by the shareholders. Opportunities, if director owes property due to being in. If decision is ultra vires (out of jurisdiction/powers) If declare a dividend that impairs the capital of the company. Can be personally liable to make up the difference. Also some environmental impacts can lead to it.