BUS 393 Chapter Notes - Chapter 14: Legal Personality, Debenture, Floating Charge

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Letters patent: only used in quebec and pei, applicant petitions to government body for granting of letters patent. Letters patent set out constitution purpose of company, company name, share structure, rights/obligations of parties, etc. Articles of incorporation: used in other provinces and federal gov"t, developed in the usa, bc has unique system that is close to this approach but retains features of. Other incorporated bodies: cities, universities, and other public institutions are incorporated legal entities that can sue or be sued, also, non-profit bodies, or non-share capital corporations mostly cultural, social, charitable, and religious organizations (eg. spca, red cross) Separate legal entity: when incorporation process is completed, there is a new legal person created: the incorporated company, corporation does not exist, except on paper, and is legal fiction" or a. In most circumstances, only the company can sue the director.