Qualified to be a Director? Considerations in Becoming and Remaining a Director

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b)Both the CNCA and ONCA permit a corporation to purchase and maintain personal liability insurance for the benefit of a present or former director or officer of the corporation, or another individual who acts or acted at the corporation’s request as a director or officer or in a similar capacity of another entity

•Under the ONCA, however, director and officer insurance may not be purchased for a charity unless the corporation complies with the Charities Accounting Act and its regulations that permits the purchase of such insurance

•The same provisions would apply to the CNCA, although nothing is stated in the CNCA to that effect

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