RECO / TRESA · Governance
President, as sole officer, must be the controlling shareholder
What the check looks for
The controlling shareholder must be the president and the only officer. Naming a spouse as secretary breaks the condition.
Authority: O. Reg. 536/20, s. 2 ¶4 (president as sole officer)
What goes wrong
The articles do not address this. Whether the condition is met then rests on conduct alone, with nothing in the articles to prevent a breach. Adding the wording is recommended drafting practice.
What good looks like
The articles contain a provision to this effect.
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