Is a failure by a corporation to meet statutory notice requirements a remedy for improperly notified shareholders?
Alberta, Canada
The following excerpt is from Sumner v. PCL Constructors Inc., 2010 ABQB 536 (CanLII):
Davidson v. FinancialCAD Corp. involved a failure by a corporation to meet statutory notice requirements (para. 26-27). The applicants sought to have a special resolution rescinded, but Pitfield J. balanced considerations in favour and against that remedy (paras. 53-54) and instead ordered that shareholders who had been improperly notified were allowed the option to take steps that potentially flowed from proper notification (paras. 59-61).
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