8,391
edits
Changes
→There is a new category of “senior managers”
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 “senior managers”"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.
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 “honestly "honestly and in good faith with a view to the best interests of the society” 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 "acted honestly and reasonably and ought fairly to be excused”excused".
==There are expanded procedures for managing conflicts of interest==