ACTG 1P71 Lecture : Corporations.docx
14 Apr 2012
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Document Summary
Most successful and popular type of organization as it provides the most in terms of flexibility in terms of raising capital, options for shareholders etc. Registration jurisdiction a memorandum of association that sets out: the objective of the corporation, the nature of the business must be briefly described, the share capital must be described. Different shares have different characteristics, the type of shares, amounts, etc: when the shareholders call meetings, how they elect members to board, when they can vote vs. when the directors/officers make decisions. In this type of corporation formation, we receive government permission. The idea that they must get permission from the crown or government became unpopular. Articles of incorporation: there is no royal prerogative or delegated crown authority, when all required documents are filed properly a corporation can come into existence, two types of files needed to incorporate the business. When these documents are filed, they become public.
