S-31.1 - Business Corporations Act

Section 121 Disposition versions

2011-02-14

121. A director of a corporation is presumed to have fulfilled the obligation to act with prudence and diligence if the director relied, in good faith and based on reasonable grounds, on a report, information or an opinion provided by

(1)  an officer of the corporation who the director believes to be reliable and competent in the functions performed;

(2)  legal counsel, professional accountants or other persons retained by the corporation as to matters involving skills or expertise the director believes are matters within the particular person’s professional or expert competence and as to which the particular person merits confidence; or

(3)  a committee of the board of directors of which the director is not a member if the director believes the committee merits confidence.

2009, c. 52, s. 121; 2010, c. 40, s. 69.