RE:Court CaseAs in other jurisdictions, directors and officers owe a fiduciary duty to the corporation they serve in Canada. This duty is codified in various federal and provincial corporate statutes as an obligation to “act honestly and in good faith with a view to the best interest of the corporation.” This duty restricts how directors and officers can act when faced with a conflict of interest and prevents them from taking for themselves opportunities that belong to the company, among other things.
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Somehow making the company pay a ridiculous price for Strasser's water rights doesn't seem to be in the best interests of the company.