www.carters.ca
www.charitylaw.ca
•ONCA permits corporation to indemnify the directors and officers and to purchase insurance
–ONCA expressly requires that the
purchase of insurance be in compliance with
the Charities Accounting Act and its
regulations
–Regulation 4/01 under the Charities
Accounting Act requires
directors to consider certain factors enumerated in the regulation
before they consent to the indemnification of its directors
or purchasing D&O insurance
–The
indemnification or the purchase of insurance must not render the
corporation insolvent
•CNCA
is silent on all of these issues but it is likely the same
approach would apply
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