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

Marginal note:Duty to manage or supervise management

• 102 (1) Subject to any unanimous shareholder agreement, the directors shall manage, or supervise the management of, the business and affairs of a corporation.

• Marginal note:Number of directors

  (2) A corporation shall have one or more directors but a distributing corporation, any of the issued securities of which remain outstanding and are held by more than one person, shall have not fewer than three directors, at least two of whom are not officers or employees of the corporation or its affiliates.