Government of Canada / Gouvernement du Canada
Symbol of the Government of Canada

Search

An Act to amend the Canada Business Corporations Act, the Canada Cooperatives Act, the Canada Not-for-profit Corporations Act and the Competition Act (S.C. 2018, c. 8)

Assented to 2018-05-01

 Subsection 110(3) of the French version of the Act is replaced by the following:

  • Marginal note:Diffusion de la déclaration

    (3) La société envoie sans délai, au directeur et aux actionnaires qui doivent recevoir avis des assemblées visées au paragraphe (1), copie de la déclaration mentionnée au paragraphe (2), sauf si elle figure dans une circulaire de sollicitation de procurations de la direction exigée à l’article 150 ou y est annexée.

Marginal note:2001, c. 14, s. 52(3)

 The definition regroupement d’entreprises in subsection 126(1) of the French version of the Act is replaced by the following:

business combination

regroupement d’entreprises Acquisition de la totalité ou de la quasi-totalité des biens d’une personne morale par une autre, fusion de personnes morales ou réorganisation similaire mettant en cause des personnes morales. (business combination)

Marginal note:2001, c. 14, s. 59(3)

 Paragraph 137(5)(a) of the Act is replaced by the following:

  • (a) the proposal is not submitted to the corporation within the prescribed period;

Marginal note:2001, c. 14, s. 60

 Subsection 138(3) of the English version of the Act is replaced by the following:

  • Marginal note:Voting list — if no record date fixed

    (3) If a record date for voting is not fixed under paragraph 134(1)(d), the corporation shall prepare, not later than 10 days after the record date that is fixed under paragraph 134(1)(c) or not later than the record date that is established under paragraph 134(2)(a), as the case may be, an alphabetical list of shareholders who are entitled to vote as of the record date that shows the number of shares held by each shareholder.

Marginal note:1992, c. 1, s. 54

 Subsections 150(1) to (2) of the Act are replaced by the following:

Marginal note:Soliciting proxies
  • 150 (1) A person shall not solicit proxies unless a proxy circular, in the prescribed form, is made available in the prescribed manner to the auditor of the corporation, to each shareholder whose proxy is solicited, to each director and, in the case set out in paragraph (b), to the corporation as follows:

    • (a) in the case of solicitation by or on behalf of the management of a corporation, a management proxy circular, either as an appendix to or as a separate document accompanying the notice of the meeting; or

    • (b) in the case of any other solicitation, a dissident’s proxy circular stating the purposes of the solicitation.

  • Marginal note:Exception — solicitation to 15 or fewer shareholders

    (1.1) Despite subsection (1), a person may solicit proxies, other than by or on behalf of the management of the corporation, without making available a dissident’s proxy circular, if the total number of shareholders whose proxies are solicited is 15 or fewer, two or more joint holders being counted as one shareholder.

  • Marginal note:Exception — solicitation by public broadcast

    (1.2) Despite subsection (1), a person may solicit proxies, other than by or on behalf of the management of the corporation, without making available a dissident’s proxy circular if the solicitation is, in the prescribed circumstances, conveyed by public broadcast, speech or publication.

  • Marginal note:Copy to Director

    (2) A person required to make a management proxy circular or dissident’s proxy circular available shall send concurrently a copy of it to the Director together with a statement in prescribed form, the form of proxy, any other documents for use in connection with the meeting and, in the case of a management proxy circular, a copy of the notice of meeting.

Marginal note:2001, c. 14, s. 70
  •  (1) Subsection 151(1) of the Act is replaced by the following:

    Marginal note:Exemption
    • 151 (1) On the application of an interested person, the Director may exempt the person, on any terms that the Director thinks fit, from any of the requirements of section 149 or subsection 150(1) or 153(1). The exemption may have retroactive effect.

  • Marginal note:2001, c. 14, s. 70

    (2) Subsection 151(2) of the Act is repealed.

Marginal note:2001, c. 14, s. 72

 Subsection 153(1) of the Act is replaced by the following:

Marginal note:Duty of intermediary
  • 153 (1) Shares of a corporation that are registered in the name of an intermediary or their nominee and not beneficially owned by the intermediary must not be voted unless the intermediary, without delay after receipt of the prescribed documents, sends a copy of those documents to the beneficial owner and, except when the intermediary has received written voting instructions from the beneficial owner, a written request for such instructions.

 The portion of subsection 155(1) of the Act before subparagraph (a)(i) is replaced by the following:

Marginal note:Annual financial statements
  • 155 (1) The directors of a corporation shall place before the shareholders at every annual meeting

    • (a) prescribed comparative financial statements that conform to any prescribed requirements and relate separately to

Marginal note:2001, c. 14, s. 74

 Section 156 of the Act is replaced by the following:

Marginal note:Application for exemption

156 On the application of a corporation, the Director may exempt the corporation, on any terms that the Director thinks fit, from any requirement set out in section 155 or any of sections 157 to 160, if the Director reasonably believes that the detriment that may be caused to the corporation by the requirement outweighs its benefit to the shareholders or, in the case of a distributing corporation, to the public.

Marginal note:2001, c. 14, s. 135 (Sch., s. 51)(E)

 Subsection 159(1) of the Act is replaced by the following:

Marginal note:Copies to shareholders
  • 159 (1) A corporation shall send, within a prescribed period, a copy of the prescribed documents relating to financial disclosure to the prescribed shareholders and other prescribed persons.

 The portion of paragraph 161(2)(b) of the English version of the Act before subparagraph (i) is replaced by the following:

  • (b) a person is deemed not to be independent if they or their business partner

 Subsection 168(6) of the French version of the Act is replaced by the following:

  • Marginal note:Diffusion des motifs

    (6) La société doit sans délai envoyer, à tout actionnaire qui doit être avisé des assemblées mentionnées au paragraphe (1) et au directeur, copie des déclarations visées aux paragraphes (5) et (5.1), sauf si elles sont incorporées ou jointes à la circulaire de sollicitation de procurations de la direction exigée à l’article 150.

 The Act is amended by adding the following after section 172:

PART XIV.1Disclosure Relating to Diversity

Marginal note:Diversity in corporations
  • 172.1 (1) The directors of a prescribed corporation shall place before the shareholders, at every annual meeting, the prescribed information respecting diversity among the directors and among the members of senior management as defined by regulation.

  • Marginal note:Information to shareholders and Director

    (2) The corporation shall provide the information referred to in subsection (1) to each shareholder, except to a shareholder who has informed the corporation in writing that they do not want to receive that information, by sending the information along with the notice referred to in subsection 135(1) or by making the information available along with a proxy circular referred to in subsection 150(1).

  • Marginal note:Information to Director

    (3) The corporation shall concurrently send the information referred to in subsection (1) to the Director.

 
Date modified: