The process was altered completely in 1982. How was it altered?
1. The amendment process was said to be patriated, it became whole domestic with
no need to seek the formal amendment from the imperial parliament, Patriate: the
amending process with respect
Apparent authority: the agent has no real authority but appears to have authority to act on behalf
of the principal on account of the past matter of transacting business or on account of certain
practices in the trade. Similar to partnership by estoppel
DIRECTORS DUTIES: (OCT 31)
The equity owners are called shareholders - only participate really in the corporate
governance once a year in the election of the board of directors.
The directors are in charge with the management of the corporation and do not
THE MANAGEMENT AND OPERATION OF A CORPORATION AGENCY LAW
Agency is a relationship between the principal and its agent according to which the principal
has hired and authorized the agent to enter into contracts with third parties in their name.
Good faith (bona fides):
a. If you are in a conflict of interest you must act properly. 2 types of bona fides:
a.i. Disclose an interest in contracts with the company what you should
do is to disclose the interest before the board and not act in any
There are two types:
Apparent authority an agent may acquire apparent authority
from a past manner of transacting business, business by the principal or
Such circumstances may make it appear to third parties that the
agent has authority