MGSC30H3 Study Guide - Midterm Guide: Oppression Remedy, Fiduciary, Search Report
Document Summary
General by-law sets out the arrangements for carrying on the legal business of the corporation. Shareholders" agreement is a contract between shareholders that customizes their relationship. Minute book is a book in which corporate records are kept. If a corporation registers just within one province, they must also obtain licences for any other provinces in which they would like to do business. Cba have a right to carry on business throughout canada. Limited liability means that the shareholders cannot lose more than they invested in the corporation in return for their shares. Piercing the corporate veil occurs when a court disregards the separate legal existence of the corporation to impose personal liability on a shareholder for a corporation"s obligation. Board of directors consists of the individuals elected by shareholders to manage the corporation. Officers are the people to whom the board of directors delegates responsibility for managing the corporation.
