Acts and Regulations

B-9.1 - Business Corporations Act

Section 73
Disposition versions

Full text
Delegation of powers to managing director or committees
73(1)Directors of a corporation may appoint from their number a managing director or one or more committees of directors and delegate to such managing director or committees any of the powers of the directors.
73(2)Notwithstanding subsection (1), no managing director and no committee of directors has authority to
(a) submit to the shareholders any question or matter requiring the approval of the shareholders;
(b) fill a vacancy among the directors, or if an auditor has been appointed, in the office of auditor or appoint additional directors;
(c) issue securities except in the manner and on the terms authorized by the directors;
(d) declare dividends;
(e) purchase, redeem or otherwise acquire shares issued by the corporation;
(f) pay a commission referred to in section 40 except as authorized by the directors;
(g) approve any financial statements of the corporation referred to in section 100; or
(h) adopt, amend or repeal by-laws.
73(3)The appointment of a managing director or committee of directors does not relieve the directors of a corporation from any liability imposed by law.
2023, c.2, s.54; 2023, c.2, s.155
Delegation of powers to managing director or committees
73(1)Directors of a corporation may appoint from their number a managing director or one or more committees of directors and delegate to such managing director or committees any of the powers of the directors.
73(2)Notwithstanding subsection (1), no managing director and no committee of directors has authority to
(a) submit to the shareholders any question or matter requiring the approval of the shareholders;
(b) fill a vacancy among the directors, or if an auditor has been appointed, in the office of auditor;
(c) issue securities except in the manner and on the terms authorized by the directors;
(d) declare dividends;
(e) purchase, redeem or otherwise acquire shares issued by the corporation;
(f) pay a commission concerning the issue of its shares;
(g) approve any financial statements of the corporation referred to in section 100; or
(h) adopt, amend or repeal by-laws.
73(3)The appointment of a managing director or committee of directors does not relieve the directors of a corporation from any liability imposed by law.
Delegation of powers to managing director or committees
73(1)Directors of a corporation may appoint from their number a managing director or one or more committees of directors and delegate to such managing director or committees any of the powers of the directors.
73(2)Notwithstanding subsection (1), no managing director and no committee of directors has authority to
(a) submit to the shareholders any question or matter requiring the approval of the shareholders;
(b) fill a vacancy among the directors, or if an auditor has been appointed, in the office of auditor;
(c) issue securities except in the manner and on the terms authorized by the directors;
(d) declare dividends;
(e) purchase, redeem or otherwise acquire shares issued by the corporation;
(f) pay a commission concerning the issue of its shares;
(g) approve any financial statements of the corporation referred to in section 100; or
(h) adopt, amend or repeal by-laws.
73(3)The appointment of a managing director or committee of directors does not relieve the directors of a corporation from any liability imposed by law.