he Business Corporations Act, S.B.C. 2002, c. 57 (the “New Act”) came into force in B.C. on March 29, 2004. The primary intentions of the New Act are to
1. modernize the former B.C. Company Act;
2. include in the New Act the most desirable features of the other corporate business statutes in Canada, including the CBCA; and
3. provide the profession and the business community with a versatile and more flexible corporate statute.A BC company must transition from the former Company Act to the New Act by completing the following steps within two years after the coming into force of the New Act:
1. File a transition application with the registrar;
2. Alter articles if required to ensure compliance with the New Act; and
3. Supplement information in the central securities register (replaces current registers of members, allotments and transfers)
Failure to do so is grounds for the registrar to dissolve the company.
The following is a summary of some of the important changes contained in the New Act in connection with the incorporation and organization of companies:
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