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Act honestly and with care
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Newfoundland and Labrador stands fully covered: its own filings and guidance stand in the books beside the federal ones.
Directors and officers act honestly and in good faith, in the society’s best interests, with the care a reasonable person would show.
Directors and officers act honestly and in good faith in the corporation’s best interests, with the care a reasonably prudent person would show. Binds: Newfoundland and Labrador corporations.
The law’s own words
“A director and officer of a corporation in exercising his or her powers and discharging his or her duties shall (a) act honestly and in good faith with a view to the best interests of the corporation; and (b) exercise the care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances.”
Corporations Act (Newfoundland and Labrador), s. 203(1) · Read it at Newfoundland and Labrador · Verified 2026-11-11
Corporations Act (Newfoundland and Labrador), section 203
“A director and officer of a corporation in exercising his or her powers and discharging his or her duties shall (a) act honestly and in good faith with a view to the best interests of the corporation; and (b) exercise the care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances.” “A director and officer of a corporation shall comply with this Act, the regulations, articles, by-laws and a unanimous shareholder agreement.”
Source: House of Assembly — Corporations Act, RSNL 1990, c. C-36, s. 203 · Checked 2026-11-11
Corporations Act (Newfoundland and Labrador), section 422
“A corporation may have no fewer than 3 directors.”
Source: House of Assembly — Corporations Act, RSNL 1990, c. C-36, s. 422 · Checked 2026-11-11