BC’s New Business Corporations Act – Selected Highlights

New legislation governing British Columbia companies came into effect in March 2004.

The new law – the “Business Corporations Act” replaces B.C.’s previous company legislation (the “Company Act”) and gives existing companies that were previously subject to the old law two years to make certain required transitions.

Generally speaking it will be prudent for many companies to make the required transition sooner rather than later, and failure to take the necessary steps within the two year window is grounds for the Registrar to dissolve a company.

Some other noteworthy elements of the new law:

1. The residency requirement for directors has been removed;

2. Shareholders’ meetings by teleconference are permitted at the company’s option and annual general meetings may be waived or postponed under certain circumstances;

3. More of the required company forms can now be filed electronically through the new Corporate Online system

For more information about the new law and how it affects your company, contact info@ellislawyers.com or your current business lawyer.