LAWS4112 Study Guide - Final Guide: Financial Statement, Deloitte, Contributory Negligence
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Anitco: pioneer held 100% of shares in a, which held 100% shares in k which held. S9 officer includes: secrtary, receiver, liquidator, a person who makes or participates in making decisions affecting the whole or a substantial part of the business, asic v adler hihc (subsidiary of hih) made payment to pee. Pee was a trust controlled by rodney adler. He was a director of hih, but was found to be an offi(cid:272)er of hihc as he (cid:449)as a perso(cid:374) (cid:449)ho (cid:858)has the (cid:272)apa(cid:272)ity to affe(cid:272)t sig(cid:374)ifi(cid:272)a(cid:374)tly the corporations fi(cid:374)a(cid:374)(cid:272)ial sta(cid:374)di(cid:374)g(cid:859) Duties are owed to the company as a separate entity, not shareholders (percival v. Wright) o shareholder sold his shares to chairman and directors. Seller discovered that directors were considering a proposal from a third party to buy at higher price. Shareholder sought to have sale revoked due to non disclosure (breaching fiduciary duty). Held unsuccessful as directors owed duty to the company, not to the shareholders.
