ADMS 2610 Lecture Notes - Lecture 7: Ultra Vires, Derivative Suit, Fiduciary

• School: York University
• Department: Administrative Studies
• Course: ADMS 2610
• Professor: Rudi Lof

Document Summary

Corporation: a type of legal entity created by the state. Existence in law is separate from those who form it (limited liability) A person in the eyes of the law with similar rights and responsibilities to that of an individual. A person who holds a share interest in a corporation; a part owner. Under corporation law, a person elected by the shareholders to manage its affairs. A person elected or appointed by the directors to fill a particular office (president, secretary, etc. ) Subject to limitations in the articles or. Shareholders cannot bind the corporation in contract (only officers and directors) Shareholder loss limited to investment, personal assets generally are not subject to creditors. Assets belong to the corporation and not the shareholders. Must not be the same as another corporation. Last word identifies it as a corporation (inc. , ltd. , etc. ) A corporation created by an act of parliament or a legislature for a specific purpose.