Acts and Regulations

B-9.1 - Business Corporations Act

Section 164
Disposition versions

Full text
Derivative action
164(1)Subject to subsection (2), a complainant may apply to the Court for leave to bring an action in the name and on behalf of a corporation or any of its subsidiaries, or for leave to intervene in an action to which any such body corporate is a party, for the purpose of prosecuting, defending or discontinuing the action on behalf of the body corporate.
164(2)No action may be brought and no intervention in any action may be made under subsection (1) unless the Court is satisfied that
(a) the complainant has given reasonable notice to the directors of the corporation or its subsidiary of his intention to apply to the Court under subsection (1) if the directors of the corporation or its subsidiary do not bring, diligently prosecute or defend or discontinue the action;
(b) the complainant is acting in good faith; and
(c) it appears to be in the interests of the corporation or its subsidiary that the action be brought, prosecuted, defended or discontinued.
2000, c.9, s.21; 2023, c.2, s.115; 2023, c.2, s.155
Derivative action
164(1)Subject to subsection (2), a complainant may apply to the Court for leave to bring an action in the name and on behalf of a corporation or any of its subsidiaries, or for leave to intervene in an action to which any such body corporate is a party, for the purpose of prosecuting, defending or discontinuing the action on behalf of the body corporate.
164(2)No action may be brought and no intervention in any action may be made under subsection (1) unless the Court is satisfied that
(a) the complainant has given reasonable notice to the directors of the corporation or its subsidiary of his intention to apply to the Court under subsection (1) if the directors of the corporation or its subsidiary do not bring, diligently prosecute or defend or discontinue the action;
(b) the complainant is acting in good faith; and
(c) it appears to be in the interests of the corporation or its subsidiary that the action be brought, prosecuted, defended or discontinued.
2000, c.9, s.21
Derivative action
164(1)Subject to subsection (2), a complainant may apply to the Court for leave to bring an action in the name and on behalf of a corporation or any of its subsidiaries, or for leave to intervene in an action to which any such body corporate is a party, for the purpose of prosecuting, defending or discontinuing the action on behalf of the body corporate.
164(2)No action may be brought and no intervention in any action may be made under subsection (1) unless the Court is satisfied that
(a) the complainant has given reasonable notice to the directors of the corporation or its subsidiary of his intention to apply to the Court under subsection (1) if the directors of the corporation or its subsidiary do not bring, diligently prosecute or defend or discontinue the action;
(b) the complainant is acting in good faith; and
(c) it appears to be in the interests of the corporation or its subsidiary that the action be brought, prosecuted, defended or discontinued.
2000, c.9, s.21