Is a director of a company permitted to sell all of its vessels?

Ontario, Canada

The following excerpt is from Hovey v. Whiting, 1887 CanLII 16 (ON CA):

In Wilson v. Miers, 10 C.B.N.S. 348, the general powers which the directors of a company had to sell ships, and which was held to authorize a sale by them of all the vessels the company possessed, was distinguished from a power to wind up the company, which could only be done by authority of the shareholders.

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