Company: CSCIF
Filing Date: 2025-04-09
Form Type: 20-F
Source: 0001641172-25-003456
Chunk: 124

Company: COSCIENS Biopharma Inc.
Filing Date: 2025-04-09
Form: 20-F
Item: Item 6
Chunk 124
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 resolution to approve the contract or transaction unless the contract
or transaction:

  relates primarily to his or her remuneration as our director, officer,                 
  is for indemnity or insurance for director’s liability as permitted                    
  is with our affiliate.                                                                 

The CBCA provides
that the Board may, on our behalf and without authorization of our shareholders:

  borrow money upon our credit;                                                                     
  issue, reissue, sell or pledge our debt obligations;                                              
  give a guarantee on our behalf to secure performance of an obligation                             
  mortgage, hypothecate, pledge or otherwise create a security interest                             

  84  

The shareholders have the ability to restrict such
powers through our Articles or bylaws (or through a unanimous shareholder agreement), but no such restrictions are in place.

The CBCA prohibits the giving of a guarantee to any
of our shareholders, directors, officers or employees or of an affiliated corporation or to an associate of any such person for any purpose
or to any person for the purpose of or in connection with a purchase of a share issued or to be issued by us or our affiliates, where
there are reasonable grounds for believing that we are or, after giving the guarantee, would be unable to pay our liabilities as they
become due, or the realizable value of our assets in the form of assets pledged or encumbered to secure a guarantee, after giving the
guarantee, would be less than the aggregate of our liabilities and stated capital of all classes. These borrowing powers may be varied
by our bylaws or Articles. However, our bylaws and Articles do not contain any restrictions on or variations of these borrowing powers.

Pursuant to the CBCA, our directors manage and administer
our business and affairs and exercise all such powers and authority as we are authorized to exercise pursuant to the CBCA, the Articles
and the bylaws. The general duties of our directors and officers under the CBCA are to act honestly and in good faith with a view to
our best interests and to exercise the care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances.
Any breach of these duties may lead to liability to us and our shareholders for breach of fiduciary duty. In addition, a breach of certain
provisions of the CBCA, including the improper payment of dividends or the improper purchase or redemption of shares, will render the
directors who authorized such action liable to account to us for any amounts improperly paid or distributed.

Our by