ADMS 2610 Lecture : Forms of Business Organization - Chapter 17 - Corporation Law

• School: York University
• Department: Administrative Studies
• Course: ADMS 2610
• Professor: Sam Ling

Document Summary

Division of corporate powers: fiduciary duty, director s duties and liabilities. Share: the ownership of a fractional equity interest in a corporation. all corporations must have some voting common shares. Floating charge: a debt security issued by a corporation in which assets of the corporation, such as stock-in-trade, are pledged as security. Until such time as default occurs, the corporation is free to dispose of the assets. Debenture: 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 acts. Duties and responsibilities of directors: ownership is separate from management, must have at least one director, directors responsible for corporation s operations. right to declare dividends: balance needs of shareholder protection and freedom to manage in corporate best interests, directors have a fiduciary duty, fiduciary.