Definitions
What are book debts?
Moving a corporation from one place to another.
What is continuance?
This tort involves a director or officer causing a corporation to violate its contractual obligations.
This type of debt instrument allows corporations to raise money without selling ownership.
What is a bond/debenture?
When substantially all of a corporation’s property is sold.
What is a bulk sale?
These types of changes require special shareholders' resolutions and articles of amendment.
What are fundamental changes?
Through this type of agreement shareholders of a corporation make themselves personally liable for responsibilities that would otherwise belong to the corporation’s directors.
What is a unanimous shareholder agreement?
General security agreements and conditional sales contracts are examples of this type of credit arrangement.
What is secured credit?
Personal property that can be touched.
What is tangible personal property?
This right involves shares being bought back at fair market value when shareholders are unhappy with certain proposed corporate changes.
What is a dissent right?
When courts disregard the separate legal personality of corporation and holds shareholders personally liable it is also called ____________________________.
What is piercing the corporate veil?
Net invoicing and utility suppliers are examples of this form of credit arrangement.
What is unsecured credit?
Upon becoming bankrupt, a corporation’s assets immediately become the property of this individual.
Who is the trustee in bankruptcy?
These individuals authorize a change in a corporate name from a number name to a non-number name.
Who are the board of directors?
Personal liability of directors arises primarily from __________.
What is statute?
This credit agreement involves a debtor making payments for a chattel over time and obtaining ownership to the asset if and when all the payment terms are met.
What is a conditional sales contract?
This type of short-form amalgamation involves two subsidiaries uniting to form a single corporation.
What is a horizontal short-form amalgamation?
These three changes that can be made by directors’ resolution only.
What is change to officers, fixing number of directors within minimum/maximum and filling vacancies and change to registered office?
The possible consequences for directors/officers that participate in conduct that contravenes environmental protection legislation.
What are fines and/or imprisonment?
This type of agreement creates a floating charge against all the assets of the borrower.
What is a general security agreement?