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Glossary of Terms

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An individual appointed by the director(s) of a corporation to manage the daily affairs of the company. Officers use varied titles such as President, Vice-President, Treasurer, Secretary, CEO, CFO, etc. Although officer positions are distinct from that of director, officers can also hold the position of director.

Ontario Business Corporations Act (OBCA)

The Act which sets out the legal and regulatory framework for all businesses incorporated in the Province of Ontario.

Organizational Minutes (Organizational Resolutions)

The initial resolutions of shareholders and directors which set up the corporation's structure. Organizational minutes typically allow for the issuance of shares to shareholders, appoint directors and officers and approve the by-laws of the corporation.


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