Section 16 — Canada Business Corporations Act: Powers of a corporation

It is not necessary for a by-law to be passed in order to confer any particular power on the corporation or its directors. A corporation shall not carry on any business or exercise any power that it is restricted by its articles from carrying on or exercising, nor shall the corporation exercise any of its powers in a manner contrary to its articles. No act of a corporation, including any transfer of property to or by a corporation, is invalid by reason only that the act or transfer is contrary to its articles or this Act.