CLIENT TALK
November, 2003
THE BUSINESS CORPORATIONS ACT
The Business Corporation Act is poised to replace the B.C. Company
Act. It is the first major update of B.C. Company Law since 1973.
The new act will require every company in B.C. to be "transitioned"
to comply with the new act within 2 years, or risk being struck off
the Register. The proclamation date for this new act has not yet been
announced, but it is anticipated that it will be in the spring of 2004.
The new act is the result of over 20 years of negotiations, thought,
drafts and revisions by a group of lawyers who specialize in corporate
law. Although it will resemble the Federal Business Corporations Act,
it will have its own identity (of course!).
The transition requirements, which every existing company will have
to meet, will require filing with the Registrar of Companies a transition
application, which will be a prescribed form. It may require a change
in the articles of the company, if the existing articles do not comply
with the new act. There is also supplemental information that must be
filed online.
One of the key components of the new act is the provision of flexibility.
We will be able to "customize" your new company to fit your
particular requirements. Also, there will no longer be any Canadian
and British Columbia residency requirements for company directors.
The new Business Corporation Act will be monitored by us. It is a "work
in progress" and will continue to be amended and modified up to
the proclamation date or even after.
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The opinion(s) expressed in this article may not be shared by the Law Corporation and is the opinion(s) of the author. This article is not intended to substitute for the advice of a lawyer. Please consult a lawyer regarding any legal issues you may have.
Shook, Wickham, Bishop & Field
906 Island Highway, Campbell River, B.C., V9W
2C3
Tel: (250) 287-8355
Fax: (250) 287-8112
Email: wickham@crlawyers.ca
