Set age in the Corporate Bylaws

Aug 6th, 2022
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119 (1) Directors of a corporation are jointly and severally, or solidarily, liable to employees of the corporation for all debts not exceeding six months wages payable to each such employee for services performed for the corporation while they are such directors respectively.
The Strata Property Act cannot limit ownership, only occupancy. However, the occupant must be 55 or older, unless they are grandfathered in or exempt. For example, a 45-year-old can purchase a unit in a 55+ building, but cannot live there. They can rent to a tenant who is 55+.
The age-restriction bylaw applies to a resident of a strata lot (i.e. an owner, tenant or occupant). Strata corporations and sections are allowed to have age-restriction bylaws that require a person residing in the strata lot to have docHubed an age that is not less than 55 years.
Section 256(5.11) clarifies that, for the purposes of the Income Tax Act, the determination as to whether a taxpayer (or group of taxpayers) has de facto control of a corporation must take into consideration all factors that are relevant in the circumstances and must not be limited to whether the taxpayer (or group)
Unless specified in your articles of incorporation, corporations can have more than one type of share or class of shares issued, and the amount of each class you can issue is unlimited. At the start, the total number of shares (authorized capital) for a startup is typically kept low at 100 or 1,000,000, for example.
Issuing shares is a common step after incorporation. The Board of directors of a company can decide when and to whom they will issue the shares. They also decide the shares values. Companies may alternatively determine these issues as specified in the by-laws or articles of incorporation.
The Canada Not-for-profit Corporations Act (NFP Act) was designed to promote accountability, transparency and good corporate governance throughout the sector, while being flexible enough to meet the needs of organizations both small and large.
Meanwhile, section 117(1) of the ABCA provides that a directors resolution may be passed in writing if it is signed by all of the directors who are entitled to vote on the resolution (subject to the articles, the bylaws and any unanimous shareholder agreement of the corporation).

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