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)
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Assented to 2018-05-01
PART 1Corporate Governance (continued)
R.S., c. C-44; 1994, c. 24, s. 1(F)Canada Business Corporations Act (continued)
Marginal note:2001, c. 14, s. 72
19 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.
20 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
21 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)
22 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.
23 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
23.1 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.
24 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.
Marginal note:2001, c. 14, s. 135 (Sch., s. 61)(E)
25 Subsections 187(8) and (9) of the Act are replaced by the following:
Marginal note:Issued shares
(8) Subject to subsections (9) and 49(8), a share of a body corporate issued before the body corporate was continued under this Act is deemed to have been issued in compliance with this Act and with the provisions of the articles of continuance irrespective of whether the share is fully paid and irrespective of any designation, rights, privileges, restrictions or conditions set out on or referred to in the certificate representing the share. Continuance under this section does not deprive a holder of any right or privilege that the holder claims under, or relieve the holder of any liability in respect of, an issued share.
Marginal note:Convertible shares
(9) If a corporation continued under this Act had, before it was so continued, issued a share certificate in registered form that is convertible to bearer form, the corporation shall not, if a holder of such a share certificate exercises the conversion privilege attached to the certificate, issue a share certificate in bearer form.
Marginal note:2001, c. 14, s. 97
26 Section 193 of the French version of the Act is replaced by the following:
Marginal note:Opérations de fermeture
193 La société peut effectuer une opération de fermeture. Toutefois, si l’éventuelle législation provinciale en matière de valeurs mobilières s’applique dans son cas, elle ne peut le faire à moins de s’y conformer.
Marginal note:1992, c. 27, par. 90(1)(h); 2001, c. 14, ss. 101(1) and (2)(E)
27 Section 208 of the Act is replaced by the following:
Marginal note:Application of Part
208 (1) This Part, other than sections 209 and 212, does not apply to a corporation that is an insolvent person or a bankrupt as those terms are defined in section 2 of the Bankruptcy and Insolvency Act.
Marginal note:Staying proceedings
(2) Any proceedings taken under this Part to dissolve or to liquidate and dissolve a corporation shall be stayed if the corporation is at any time found, in a proceeding under the Bankruptcy and Insolvency Act, to be an insolvent person as defined in section 2 of that Act.
Marginal note:2009, c. 23, s. 310
28 (1) Subsection 209(1) of the Act is replaced by the following:
Marginal note:Revival
209 (1) When a corporation or other body corporate is dissolved under this Part, section 268 of this Act, section 261 of the Canada Business Corporations Act, chapter 33 of the Statutes of Canada, 1974-75-76, or subsection 297(6) of the Canada Not-for-profit Corporations Act, any interested person may apply to the Director to have the dissolved corporation or other body corporate revived as a corporation under this Act.
Marginal note:2001, c. 14, s. 102
(2) The portion of subsection 209(3) of the French version of the Act before paragraph (a) is replaced by the following:
Marginal note:Certificat de reconstitution
(3) À la réception des clauses de reconstitution, le directeur délivre un certificat de reconstitution au titre de l’article 262 si :
Marginal note:2001, c. 14, s. 102
(3) Paragraph 209(3)(a) of the Act is replaced by the following:
(a) the dissolved corporation or other body corporate has fulfilled all conditions precedent that the Director considers reasonable; and
Marginal note:2001, c. 14, s. 102
(4) Paragraph 209(3)(b) of the French version of the Act is replaced by the following:
b) d’autre part, il n’y a aucun motif valable d’en refuser la délivrance.
Marginal note:2001, c. 14, s. 102
(5) Subsection 209(3.1) of the Act is replaced by the following:
Marginal note:Date of revival
(3.1) The dissolved corporation or other body corporate is revived as a corporation under this Act on the date shown on the certificate of revival.
Marginal note:2001, c. 14, s. 102
(6) The portion of subsection 209(4) of the Act before paragraph (a) is replaced by the following:
Marginal note:Rights and obligations preserved
(4) Subject to any reasonable terms that may be imposed by the Director, to the rights acquired by any person after its dissolution and to any changes to the internal affairs of the corporation or other body corporate after its dissolution, the revived corporation is, in the same manner and to the same extent as if it had not been dissolved,
Marginal note:2001, c. 14, s. 102
(7) Paragraphs 209(6)(a) to (d) of the Act are replaced by the following:
(a) a shareholder, a director, an officer, an employee and a creditor of the dissolved corporation or other body corporate;
(b) a person who has a contract — other than, in Quebec, a contract by gratuitous title — with the dissolved corporation or other body corporate;
(c) a person who, although at the time of dissolution of the corporation or other body corporate was not a person described in paragraph (a), would be such a person if a certificate of revival is issued under this section; and
(d) a trustee in bankruptcy or liquidator for the dissolved corporation or other body corporate.
Marginal note:2001, c. 14, s. 105(2)
29 Paragraph 212(2)(b) of the French version of the Act is replaced by the following:
b) d’avoir publié un avis de son intention dans une publication destinée au grand public.
Marginal note:2001, c. 14, s. 106
30 Paragraph 213(4)(b) of the French version of the Act is replaced by the following:
b) d’intention de dissolution, s’il s’agit d’une ordonnance de liquidation et de dissolution sous la surveillance du tribunal; il en fait publier un avis dans une publication destinée au grand public.
31 Paragraph 221(e) of the English version of the Act is replaced by the following:
(e) keep accounts of the moneys of the corporation received and paid out by the liquidator;
32 Subsection 225(1) of the Act is replaced by the following:
Marginal note:Custody of documents
225 (1) A person who has been granted custody of the documents and records of a dissolved corporation remains liable to produce those documents and records until the end of the prescribed period or of any shorter period fixed by an order made under subsection 223(5).
Marginal note:2001, c. 14, s. 114(2)
33 The portion of subsection 235(3) of the French version of the Act before paragraph (a) is replaced by the following:
Marginal note:Publication
(3) Le directeur publie dans une publication destinée au grand public les renseignements qu’il a obtenus en vertu du présent article lorsque les conditions ci-après sont réunies :
Marginal note:2001, c. 14, s. 115
34 Subsection 237.7(4) of the French version of the Act is replaced by the following:
Marginal note:Définition de marché organisé
(4) Pour l’application du présent article, marché organisé s’entend d’une bourse reconnue à laquelle est cotée la catégorie de valeurs mobilières ou d’un marché qui publie régulièrement le cours de cette catégorie dans une publication destinée au grand public.
Marginal note:2001, c. 14, s. 121
35 Subsection 252.5(3) of the French version of the Act is replaced by the following:
Marginal note:Exemplaires
(3) Dans le cas où une disposition de la présente loi ou de ses règlements exige la fourniture d’un ou de plusieurs exemplaires d’un document à un seul destinataire dans le même envoi, la transmission d’un document électronique satisfait à l’obligation.
Marginal note:2001, c.14, s.124
36 (1) The portion of section 258.1 of the Act before paragraph (a) is replaced by the following:
Marginal note:Content and form of documents
258.1 The Director may establish the requirements for the content and fix the form, including electronic or other forms, of notices and other documents sent to or issued by the Director under this Act and, in so doing, the Director may specify, among other things,
Marginal note:2001, c. 14, s. 124
(2) Paragraph 258.1(b) of the Act is replaced by the following:
(b) the persons or classes of persons who may sign or transmit the notices and other documents;
Marginal note:2001, c.14, s.124
(3) Paragraph 258.1(c) of the English version of the Act is replaced by the following:
(c) their signature in electronic or other form, or the actions that are to have the same effect for the purposes of this Act as their signature; and
Marginal note:2001, c. 14, s. 124
(4) Paragraph 258.1(d) of the French version of the Act is replaced by the following:
d) les circonstances — notamment le moment et le lieu — dans lesquelles les avis et documents électroniques sont présumés avoir été envoyés ou reçus.
Marginal note:2001, c. 14, s. 124
(5) Section 258.1 of the Act is amended by striking out “and” at the end of paragraph (d) and by repealing paragraph (e).
37 The Act is amended by adding the following after section 258.2:
Marginal note:Exemption
258.3 The Director may, in the prescribed circumstances and on any conditions that the Director considers appropriate, exempt any corporation or any other person from a requirement set out in subsection 135(1), section 149 or subsection 150(1), 153(1) or 159(1) to send any notices or other documents, or classes of notices or other documents.
Marginal note:2001, c. 14, s. 125
38 (1) Paragraph 261(1)(a) of the English version of the Act is replaced by the following:
(a) providing for anything that by this Act is to be prescribed or provided for by the regulations;
Marginal note:2001, c. 14, s. 125
(2) Paragraph 261(1)(b) of the Act is replaced by the following:
(b) requiring the payment of a fee in respect of the receipt, examination, filing, issuance or copying of any document, or in respect of any action that the Director is required or authorized to take under this Act, and prescribing the amount of the fee or the manner of determining the fee;
Marginal note:2001, c. 14, s. 125
(3) Paragraph 261(1)(c) of the French version of the Act is replaced by the following:
c) prévoir les modalités de paiement des droits, notamment les modalités de temps, les droits supplémentaires qui peuvent être imposés pour les paiements en souffrance, ainsi que les circonstances dans lesquelles les droits peuvent être remboursés en tout ou en partie;
Marginal note:2001, c. 14, s. 125
(4) Paragraph 261(1)(f) of the Act is replaced by the following:
(f) respecting the powers that may be granted by a shareholder in a form of proxy;
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