Roles and responsabilities
Who is eligible to become a Director
Who is eligible to become a Director? As a general rule, only physical persons (i.e., individuals) are eligible to be directors of a corporation. Not all physical persons, though, can become directors. In fact, there are physical persons who are ...
Powers of a director
What power does a director have? Directors are responsible for administering the affairs of the corporation. More specifically, they are able to adopt resolutions in a number of areas which include: the issuance and registration of share ...
Duties and responsibilities of Officers
What are the Duties and Responsibilities of Officers? The obligations and responsibilities of officers are similar in nature to those of In particular, officers have an obligation of honesty and loyalty as well as one of prudence and diligence. ...
What are directors' duties and responsibilities
What are directors' duties and responsibilities? A director must, in the performance of his/her duties, satisfy all the obligations imposed upon him/her by law as well as the corporation's Articles of Incorporation and By-Laws, and he/she must act ...
How does a Director Vote
How does a Director Vote? Unlike shareholders, whose number of votes is based on the number and class of shares that they hold at a given time, directors usually have only one vote per person at board of directors' meetings. Sometimes the chairman of ...
How do People Become Officers
How do People Become Officers? The rules governing the appointment, functions, duties, removal and remuneration of officers are found in the corporation's By-Laws. These By-Laws need not be approved by the shareholders in order to have effect and ...
How Do People Become Directors
How Do People Become Directors? A corporation's first directors are generally those named on the initial government filing that is sent to the government body or department along with the corporation's Articles of Incorporation. These persons ...
Do Officers get Paid
Do Officers get Paid? The remuneration of officers is set by the directors, unless there is a specific provision to the contrary in the corporation's Articles of Incorporation, By-Laws or unanimous shareholders' agreement. With respect to ...
Can a Director Resign
Can a Director Resign? Yes. A director can resign at any time as a director by giving notice to that effect. Unless there is a provision to the contrary in the corporation's By-Laws, a director's resignation can be oral (i.e., he/she can resign ...
Are Directors Paid
Are Directors Paid? Generally, unless there is a provision to the contrary in the corporation's Articles of Incorporation, By-Laws or a unanimous shareholders' agreement, the directors are entitled to fix their own remuneration. Directors cannot ...