S-31.1 - Business Corporations Act

Section 446 Disposition versions

2011-02-14

446. No application for authorization may be made unless the applicant has given the directors of a corporation or its subsidiary 14 days’ prior notice of the applicant’s intention to apply to the court.

Authorization may be granted if the court is satisfied that the board of directors of the corporation or its subsidiary has not brought, diligently prosecuted or defended or discontinued the action, and if the court considers that the applicant is acting in good faith and that it appears to be in the interests of the corporation or its subsidiary that the action be brought, prosecuted, defended or discontinued.

When all the directors of the corporation or its subsidiary have been named as defendants, prior notice to the directors of the applicant’s intention to apply to the court is not required.

2009, c. 52, s. 446.