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Difference between revisions of "10 Changes in the New Societies Act You Should Know About"
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10 Changes in the New Societies Act You Should Know About (view source)
Revision as of 14:32, 30 November 2016
, 14:32, 30 November 2016→There is a new category of “senior managers”
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Also under the new Act, members may bring a '''derivative action'''. In such an action, a member can enforce rights of the society when the directors refuse to act. | Also under the new Act, members may bring a '''derivative action'''. In such an action, a member can enforce rights of the society when the directors refuse to act. | ||
==There is a new category of | ==There is a new category of "senior managers"== | ||
The new Act introduces a new category of '''senior managers'''. These are individuals appointed by the board of directors to manage the activities and internal affairs of a society or a principal unit of a society. | The new Act introduces a new category of '''senior managers'''. These are individuals appointed by the board of directors to manage the activities and internal affairs of a society or a principal unit of a society. | ||
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Being deemed a senior manager does not alter a person’s job title, duties, authority, or legal relationship with the society. | Being deemed a senior manager does not alter a person’s job title, duties, authority, or legal relationship with the society. | ||
The Act imposes duties on all senior managers, including the duty to act | The Act imposes duties on all senior managers, including the duty to act "honestly and in good faith with a view to the best interests of the society" and the duty to disclose a conflict of interest (see the next item). The Act also limits the liability of senior managers, inviting a court to relieve the manager from liability for any negligence or breach if the manager "acted honestly and reasonably and ought fairly to be excused". | ||
==There are expanded procedures for managing conflicts of interest== | ==There are expanded procedures for managing conflicts of interest== | ||