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6.Directors and Officers – Powers, Duties and Defence
•Similar rules in CNCA and ONCA that state “subject to the Act, the directors shall manage or supervise the management of the activities and affairs of the corporation”
•Every director and officer has a duty to comply with the CNCA/ONCA, regulations, articles and by-laws
•Directors may borrow money on the credit of the corporation without members’ authorization, unless articles or by-laws provide otherwise
•Directors may view certain corporate records that the corporation is required to prepare and maintain (e.g. meeting minutes, accounting records, members’ resolutions, etc.) and receive free extracts of them
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