ADMN 3250H Chapter Notes - Chapter 22, 23: Fee Simple, Concurrent Estate, Mineral Rights
30 Jun 2018
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Chapter 17, 22, & 23
What is the difference between a “derivative action” and the “oppression
remedy”?
Derivative Action:
oA type of class action where the shareholder must take action for the
corporation on behalf of all persons indirectly injured by the injury to
the corporation
Oppression remedy:
oIf the court is satisfied that the actions of the corporation are
oppressive, unfairly prejudicial, or unfairly disregard the interests of
any security holder, the court may rectify the matter under the broad
powers given to it under the statute
oBasically addresses harm to a particular shareholder rather than to
the corporation
What are “pre-emptive rights”?
A pre-emptive right is a privilege that may be extended to certain
shareholders of a corporation that grants them the right to purchase
additional shares in the company prior to shares being made available for
purchase by the general public in the event of a seasoned offering, which is a
secondary issuing of stock shares.
Written into the contract between the stock purchaser and the company
How does a corporation end its existence?
Corporation has infinite life spam
If corporation can’t continue effectively, it can apply for certificate of
dissolution
Corporation ceases to exist when process is completed
Shareholders must approve proposal
What corporate records must be kept?
Articles of incorporation
Meeting information
Debt obligations register
Directors register
An officers register
A members register
What is the difference between “real property” and ”personal property”?
Real property – land and anything permanently attached to it
Personal property – anything that can be subject to ownership, except land
What are the “estates” in land and the differences between them?
find more resources at oneclass.com
find more resources at oneclass.com
Document Summary
Derivative action: a type of class action where the shareholder must take action for the corporation on behalf of all persons indirectly injured by the injury to the corporation. Written into the contract between the stock purchaser and the company. If corporation can"t continue effectively, it can apply for certificate of dissolution. Corporation ceases to exist when process is completed. Real property land and anything permanently attached to it. Personal property anything that can be subject to ownership, except land. Fee simple: all land is still owned by the crown, and estates of land in fee simple are granted by crown patent to individuals. Tenancy-in-common the joint holding of interests in land that need not be equal: right of survivorship does not attach to interests of tenants, one might receive three-quarters interest, and the other might receive one-quarter interest. Easements: a right to use the property of another, usually for a particular purpose.
