Marginal note:Duties of receiver and receiver-manager
123 A receiver or receiver-manager shall
(a) immediately notify the Director of their appointment and discharge;
(b) take into their custody and control the property of the corporation in accordance with the court order, instrument or act under which they are appointed;
(c) open and maintain a bank account in their name as receiver or receiver-manager of the corporation for the money of the corporation coming under their control;
(d) keep detailed accounts of all transactions carried out as receiver or receiver-manager;
(e) keep accounts of their administration that shall be available during usual business hours for inspection by the directors of the corporation;
(f) prepare at least once in every prescribed period after the date of their appointment financial statements of their administration as far as is practicable in the form required by section 172; and
(g) on completion of their duties, render a final account of their administration in the form adopted for interim accounts under paragraph (f).
PART 9Directors and Officers
Marginal note:Duty to manage or supervise management
124 Subject to this Act, the articles and any unanimous member agreement, the directors shall manage or supervise the management of the activities and affairs of a corporation.
Marginal note:Number of directors
125 A corporation shall have one or more directors, but a soliciting corporation shall not have fewer than three directors, at least two of whom are not officers or employees of the corporation or its affiliates.
Marginal note:Qualifications of directors
(2) Unless the by-laws otherwise provide, a director of a corporation is not required to be a member of the corporation.
Marginal note:No alternate directors
(3) No person shall act for an absent director at a meeting of directors.
Marginal note:Organization meeting
(a) make by-laws;
(b) adopt forms of debt obligation certificates and corporate records;
(c) authorize the issue of debt obligations;
(d) appoint officers;
(e) appoint a public accountant to hold office until the first annual meeting of members;
(f) issue memberships;
(g) make banking arrangements; and
(h) transact any other business.
(2) Subsection (1) does not apply to a body corporate to which a certificate of amalgamation has been issued under subsection 208(4) or to which a certificate of continuance has been issued under subsection 211(5).
Marginal note:Calling meeting
(3) An incorporator or a director may call the meeting by giving notice of the time and place of the meeting to each director within the prescribed period.
Marginal note:Waiver of notice
(4) A director may waive notice of the meeting, and attendance of a director at the meeting is a waiver of notice of the meeting, except if the director attends the meeting for the express purpose of objecting to the transaction of any business on the grounds that the meeting is not lawfully called.
Marginal note:Resolution in lieu of meeting
(5) If all directors sign a resolution dealing with any matter referred to in paragraphs (1)(a) to (g), they are not required to hold the meeting referred to in subsection (1).
Marginal note:Filing resolution
(6) A copy of the resolution shall be kept with the minutes of the meetings of directors.
Marginal note:Notice of directors
Marginal note:Term of office
(2) Each director named in the notice holds office from the issue of the certificate of incorporation until the first meeting of members.
Marginal note:Election of directors
(3) Members shall, by ordinary resolution at each annual meeting at which an election of directors is required, elect directors to hold office for a term expiring within the prescribed period.
Marginal note:Staggered terms
(4) It is not necessary that all directors elected at a meeting of members hold office for the same term.
Marginal note:No stated terms
(5) A director not elected for an expressly stated term ceases to hold office at the close of the first annual meeting of members following the director’s election.
Marginal note:Incumbent directors
(6) Despite subsections (2), (3) and (5), if directors are not elected at a meeting of members, the incumbent directors continue in office until their successors are elected.
Marginal note:Vacancy among candidates
(7) If a meeting of members fails to elect the number or the minimum number of directors required by the articles by reason of the lack of consent, the disqualification, the incapacity or the death of any candidate, the directors elected at that meeting may exercise all the powers of the directors if the number of directors so elected constitutes a quorum.
Marginal note:Appointment of directors
(8) The directors may, if the articles of the corporation so provide, appoint one or more additional directors, who shall hold office for a term expiring not later than the close of the next annual meeting of members, but the total number of directors so appointed may not exceed one third of the number of directors elected at the previous annual meeting of members.
Marginal note:Election or appointment as director
(9) An individual who is elected or appointed to hold office as a director is not a director, and is deemed not to have been elected or appointed to hold office as a director, unless
(a) the individual was present at the meeting when the election or appointment took place and did not refuse to hold office as a director; or
(b) the individual was not present at the meeting when the election or appointment took place and
Marginal note:Ceasing to hold office
Marginal note:Effective date of resignation
(2) A resignation of a director becomes effective at the time a written resignation is sent to the corporation or at the time specified in the resignation, whichever is later.
Marginal note:Removal of directors
(2) A director elected by a class or group of members that has an exclusive right to elect the director may only be removed by an ordinary resolution of those members.
(3) A vacancy created by the removal of a director may be filled at the meeting of the members at which the director is removed or, if not so filled, may be filled under section 132.
Marginal note:Resignation or removal
(4) If all of the directors have resigned or have been removed without replacement, a person who manages or supervises the management of the activities or affairs of the corporation is deemed to be a director for the purposes of this Act.
(5) Subsection (4) does not apply to
(a) an officer who manages the activities or affairs of the corporation under the direction or control of a member or other person;
(b) a lawyer, a notary, an accountant or other professional who participates in the management of the corporation solely by providing professional services; or
(c) a trustee in bankruptcy, receiver, receiver-manager, sequestrator or secured creditor who participates in the management of the corporation or exercises control over its property solely for the purpose of the realization of security or, in the case of bankruptcy, the administration of a bankrupt’s estate.
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