MGSC30H3 Chapter Notes - Chapter 22: Fiduciary, Transfer Tax, Oppression Remedy
Document Summary
Shareholders: are entitles to assets of the corp that remain after all creditors are paid on its dissolution. Directors: responsible for managing/ supervising management of business of the corp, and its internal affairs, including issuing shares, declaring dividends, and calling shareholder meetings. Officers: appointed by directors and usually exercise substantial management powers delegated to them by the directors. Private corporations: have few shareholders and the same people may be the shareholders, directors and officers. Public corp: corp that have distributed their shares to the public with only a few shareholders involved in the corp as directors and officers. Annual meeting: shareholders elect directors, appoint an auditor, review the annual financial statements. Directors need to ensure shareholders receive advance notice of meeting, along with info regarding these three items and any other business. Corporate statues permit any business that must be done at meeting to be recorded in written resolutions and signed by all shareholders.