Shareholders in a Corporation Incorporated Under the Canada Business Corporations

question 38

True/False

Shareholders in a corporation incorporated under the Canada Business Corporations Act are entitled to the remaining assets of the corporation after all the creditors are paid.This means that they retain all management powers that they have not delegated to the directors.

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Definitions:

Order Instrument

An instrument payable to a specific, named payee.

Instrument Payable

A written document that promises the payment of a definite amount of money either on demand or at a future date.

Definite Time

A specified period in contracts or agreements where certain actions or conditions must be met or take place.

Negotiation

The process of discussing and arriving at a mutual agreement between parties, often involving compromise or the making of concessions.