The Minister of Finance and Minister of Revenue, Raymond Bachand, announced on November 3, 2010 that the Business Corporations Act will come into force on February 14, 2011.
For the full text of the press release, please click here.
The Business Corporations Act (Bill 63) ("BCA"), a major reform and modernization of the Québec Companies Act, was enacted by Québec's National Assembly on December 4, 2009.
As reported in our Legal Update published on November 6, 2009 following the introduction of the BCA in the National Assembly in October of 2009, the BCA is similar in content to most modern corporate statutes such as the Canadian Business Corporations Act, but contains a number of enhancements, clarifications and innovations that will make it an appealing corporate statute for businesses.
The regulations under the BCA have not yet been adopted, but they are expected to be published shortly.
All Québec corporations currently governed by Part IA of the Québec Companies Act will be automatically governed by the BCA as of February 14, 2010. We would be pleased to assist McCarthy Tétrault clients in reviewing their company's corporate by-laws and discussing with them any useful or appropriate modifications to such by-laws in light of the new provisions of the BCA.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
