Canada Business Corporations Act (R.S.C., 1985, c. C-44)

Act current to 2014-10-15 and last amended on 2011-11-29. Previous Versions

Marginal note:Notice of directors
  •  (1) At the time of sending articles of incorporation, the incorporators shall send to the Director a notice of directors in the form that the Director fixes, and the Director shall file the notice.

  • Marginal note:Term of office

    (2) Each director named in the notice referred to in subsection (1) holds office from the issue of the certificate of incorporation until the first meeting of shareholders.

  • Marginal note:Election of directors

    (3) Subject to paragraph 107(b), shareholders of a corporation shall, by ordinary resolution at the first meeting of shareholders and at each succeeding annual meeting at which an election of directors is required, elect directors to hold office for a term expiring not later than the close of the third annual meeting of shareholders following the election.

  • Marginal note:Staggered terms

    (4) It is not necessary that all directors elected at a meeting of shareholders 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 shareholders following the director’s election.

  • Marginal note:Incumbent directors

    (6) Notwithstanding subsections (2), (3) and (5), if directors are not elected at a meeting of shareholders the incumbent directors continue in office until their successors are elected.

  • Marginal note:Vacancy among candidates

    (7) If a meeting of shareholders fails to elect the number or the minimum number of directors required by the articles by reason of the lack of consent, disqualification, incapacity or death of any candidates, 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 shareholders, 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 shareholders.

  • 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) he or she was present at the meeting when the election or appointment took place and he or she did not refuse to hold office as a director; or

    • (b) he or she was not present at the meeting when the election or appointment took place and

      • (i) he or she consented to hold office as a director in writing before the election or appointment or within ten days after it, or

      • (ii) he or she has acted as a director pursuant to the election or appointment.

  • R.S., 1985, c. C-44, s. 106;
  • 1994, c. 24, s. 11;
  • 2001, c. 14, ss. 38, 135(E).