Unanimous shareholders' agreement

1 definition found for this term.
Definitions are presented in the order source books were published (most recent first).

An agreement among all shareholders of a corporation that restricts, in whole or in part, the powers of the directors to manage the business and affairs of the corporation and includes a declaration to the same effect by a sole shareholder. The powers and liabilities of the directors are transferred to the shareholders to the extent of the restriction. See CBCA, ss. 1(1) and 146(2).

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