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Legislative rules by an administrative agency do not have the force of law.
Canada Business Corporations Act
A Canadian federal statute that governs the incorporation, governance, and dissolution of companies in Canada.
Derivative Action
An action taken by a shareholder in a corporation's name to enforce the corporation's rights when the corporation fails to do so itself.
Directors' Duty
The responsibility of the board of directors to act in the best interests of the company, including duties of care, loyalty, and obedience to the law.
Audit Exemption
A situation wherein a business is relieved from the requirement of having its financial statements audited.
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