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

Marginal note:Powers of a corporation

• 16 (1) It is not necessary for a by-law to be passed in order to confer any particular power on the corporation or its directors.

• Marginal note:Restricted business or powers

  (2) A corporation shall not carry on any business or exercise any power that it is restricted by its articles from carrying on or exercising, nor shall the corporation exercise any of its powers in a manner contrary to its articles.

• Marginal note:Rights preserved

  (3) No act of a corporation, including any transfer of property to or by a corporation, is invalid by reason only that the act or transfer is contrary to its articles or this Act.