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Article: Directors' And Officers' Liability: Recent Developments Of Importance.
- Article from:
- Mondaq Business Briefing
- Article date:
- October 5, 2009
- Author:
CopyrightCOPYRIGHT 2009 Mondaq Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Important developments have taken place in Canada recently regarding the potential for directors and officers to incur liability, specifically in the areas of (i) timely disclosure obligations; (ii) the duties of directors and officers in the context of a company that is up for sale; and (iii) the ability of directors and officers to receive indemnification payments from the companies they serve. Each of these topics is discussed in detail below along with a brief update on civil statutory liability for continuous disclosure violations.
TIMELY DISCLOSURE OBLIGATIONS Canadian securities laws impose obligations on a publicly traded issuer (and, in effect, its ...