Management and Organizational Studies 2275A/B Chapter Notes - Chapter 17: Business Judgment Rule, Corporate Security, Constructive Notice

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2275A/B
• Professor: James Hildebrand

Document Summary

Corporation: a type of legal entity created by the state. A properly authorized agent may bind the corporation in contract with third parties. The shareholders of a corporation possess limited liability for the debts of the corporation, and the creditors may look only to the assets of the corporation to satisfy their claims. Shareholder: a person who holds a share interest in a corporation; a part owner of the corporation. Director: under corporation law, a person elected by the shareholders of a corporation to manage its affairs. Officer: a person elected or appointed by the directors of a corporation to fill particular office. Letters patent: a government document that creates a corporation as a legal entity. Direct development of the royal charter form. Government document that grants a special right or privilege. Special-act: a corporation created by an act of parliament or a legislature for a specific purpose.