Canada Corporations Act

Marginal note:Executors, etc., not personally liable

• 190 (1) No executor, administrator, tutor, curator, committee, guardian or trustee who is entered on the books of the company as a shareholder and therein described as representing in such capacity a named estate, trust or person, is personally liable in respect of the share that he so represents, notwithstanding any neglect or omission on the part of the company to enter the proper description in its books; but the estate or person so represented continues to be liable as if the testator, intestate, minor, ward, lunatic or interdicted person, cestui que trust or other person were entered in the books of the company as the holder of the share.

• Marginal note:Mortgagee not personally liable

  (2) No mortgagee of any share in the company or person holding such share as collateral security, notwithstanding that the mortgagee or other person is entered on the books of the company as the holder of the share, is personally liable in respect of that share, if the mortgagee or other person is described in the books of the company as representing a named mortgagor or person giving the collateral security, notwithstanding any neglect or omission on the part of the company to enter the proper description in its books, but the mortgagor or other person giving the collateral security is liable, as if he were entered on the books of the company, as the holder of the share.

• Marginal note:“Mortgagee”

  (3) In this section “mortgagee” includes a trustee for holders of debentures.