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board_of_directors [2016/08/31 13:57]
mauri.andres created
board_of_directors [2017/06/29 21:34] (current)
noam [Updating REQ File]
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 Directors and officers have a duty to exercise due diligence in overseeing the management of the organization that they serve. This involves 3 basic duties: Directors and officers have a duty to exercise due diligence in overseeing the management of the organization that they serve. This involves 3 basic duties:
  
-1. Duty of Diligence (Duty of Care): Act reasonably, in good faith and in the organization’s best interest. +1. Duty of Diligence (Duty of Care): Act reasonably, in good faith and in the organization’s best interest.\\  
-2. Duty of Loyalty: Place the interest of the organization before your own. +2. Duty of Loyalty: Place the interest of the organization before your own.\\  
-3. Duty of Obedience: Act within the scope of applicable bylaws.+3. Duty of Obedience: Act within the scope of applicable bylaws.\\ 
 + 
 +=====Insurance Considerations===== 
 +Le Petit Vélo Rouge is currently insured by Lloyds'​s of London Insurance, acquired thought the broker Univesta. **The period of insurance is from February 18th, 2016 to January 1st, 2017**.\\ 
 + 
 +The current insurance policy was drafted in consultation with Concordia'​s Legal Team to meet their conditions as the Lessor of the shop space. Appendix 1 of the coverage contract was included for this purpose and should be included in future insurance contracts.\\ 
 + 
 +For more details on LPVR's insurance policy see the Insurance folder in the Drive and/or the filling cabinet. 
 + 
 +==== Directors'​ and Officers'​ Liability Insurance ==== 
 +LPVR is currently insured to include Directos'​ and Officers'​ Liability Insurance. This includes 'any claim first made against him[/​her/​they] during the policy period, provided the claim is reported to the Insurer while the policy is in force.'​\\ 
 +'​Administrative duty means any act, duty, prerogative or decision pertaining to persons elected members of the Entity'​s Board or legally appointed to administrative duties or specific committees, commissions,​ administrative assemblies or boards, as determined by law under the powers of the Board, while acting in the discharge of their duties in connection with the Entity'​s general management, including but not limited to finance matters, management of funds, income collection, expense allocation, granting or approving contracts, bids, agreements and projects on behalf of the Entity.'​ //- form OSB15000, of insurance policy// 
 + 
 +===== Resources and Further Reading ===== 
 +It is normal that trying to understand or deal with legal matters can be confusing and/or a source of stress. For a better understand of how not-for-profits interact with the law the following readings are recommended:​\\ 
 +  * [[http://​coco-net.org/​wp-content/​uploads/​2015/​01/​Board-Liablity_modified2012_0.pdf|Board Liability and Non-Profit Organizations info-sheet, p.1-6]], by COCo; 
 +  * [[http://​www.oarpcwa.org/​insvolunteer07.pdf|Insurance for voluntary organizations:​ Things to consider, p.1-8]], by Insurance Bureau of Canada; 
 +  * [[https://​www.ic.gc.ca/​eic/​site/​cilp-pdci.nsf/​vwapj/​Primer_en.pdf/​$FILE/​Primer_en.pdf|Primer for Directors of Not-For Profit Corporations,​ Chp.3: Liability of Directors, p.31-45]], by Industry Canada; 
 +  * [[http://​www.orgwise.ca/​sites/​osi.ocasi.org.stage/​files/​resources/​Directors'​%20and%20Officers'​%20Liability%20-%20How%20Are%20You%20Managing.pdf|Directors’ & Officers’ Liability: How Are You Managing?, p.16-19]], by Volunteer Alberta; 
 + 
 +====== Updating REQ File ====== 
 + 
 +We need to update LPVR's REQ file (Registre des Entreprises de Quebec) once a year ewith the Board of director'​s name and pay the yearly registration fee. 
 + 
 +[[https://​youtu.be/​VvoRVaT9Z50|Click here]] for an instructional Youtube video (created June 2017) on how to do this. A powerpoint on how to do this is also available [[https://​docs.google.com/​presentation/​d/​1j52dw2oNCglKBrV1sPC0FjCGdANkvk9H9PtRYl7-pk4/​edit?​usp=sharing|here]] 
 + 
 + 
 + 
 + 
board_of_directors.1472666259.txt.gz · Last modified: 2016/08/31 13:57 by mauri.andres