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York University (33,498)
ADMS 2610 (409)
Sam Ling (23)

Forms of Business Organization - Chapter 17 - Corporation Law

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York University
Administrative Studies
ADMS 2610
Sam Ling

Part 4Forms of Business Organization ADMS 2610LingSession 8 Chapter 17Corporation LawOverviewCorporate securitiesDivision of corporate powers o Fiduciary dutyo Directors duties and liabilities Shareholders rights Sale of a corporationCorporate SecuritiesShare o The ownership of a fractional equity interest in a corporationUsed to raise capital for corporationCan be fixed or parvalueCommon or preferred All corporations must have some voting common sharesFloating charge o A debt security issued by a corporation in which assets of the corporation such as stockintrade are pledged as security Until such time as default occurs the corporation is free to dispose of the assets Not a share but a debt Attaches to assets in generalDebenture o A debt security issued by a corporation that may or may not have specific assets of the corporation pledged as security for payment Priority rights determine by bankruptcy act and personal property security actsDivision of Corporate PowersDuties and responsibilities of directors o Ownership is separate from managemento Must have at least one directoro Directors responsible for corporations operations
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