2late:
You continue to demonstrate your lack of understanding "fiduciary responsibility". This is usually defined thru the Board of Directors activities. If Megas is one of the Board of Directors, then the following is a definition found on a US Business Law site. There are other sites if you want to take the time to google and find this out. It has only been five years which tells me you are either a very busy person and do not have the time, or you really do not care about discovering what the duties are of Board of Directors. If the latter is the case, then you have not done due diligence to really understand the issues surrounding BCIT, IMO.
Duties of a Board of Directors
The individuals who are selected to be on the board of directors of a corporation have overall responsibility for the activities of the corporation. The board acts on behalf of the shareholders to make overall policy decisions and provide oversight. A corporate board has great power and also great responsibility. Specific duties of the board of directors and of individual board members, committees, and officers are set by the corporate bylaws.
Here are the primary duties of a corporate board:
Fiduciary responsibility
Corporate board members have a fiduciary responsibility to care for the finances and legal requirements of the corporation. They must act in good faith and with a reasonable degree of care, and they must not have any conflicts of interest. That is, the interests of the company must take precedence over personal interests of individual board members.
Mission and Vision
Board members are responsible for setting the mission of the company and assuring that all actions are related to and adhere to that mission. The board can change the mission, but only after careful deliberation.
Oversight
Corporate boards of directors do not participate in day-to-day decision-making; instead, they set overall policy, based on the corporate mission and vision, and they exercise an oversight function, reviewing the actions of corporate officers and executives.
Annual Meeting
At the annual meeting of the corporation, the board announces the annual dividend, oversees election of corporate board members, elects or appoints officers and key executives, and amends the bylaws, if necessary.
Megas is guilty of not filing as he stated he would in a PR on October 6, 2009. Therefore no share structure of BCIT is available for trading to resume. Once filed in 1985 as you stated, he needed to stay current.
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