Effective dates for a number of important amendments to the Business Corporations Act (Ontario) (OBCA) and Consumer Protection Act, 2002 (Ontario) (CPA) under Bill 152 have recently been announced. On August 1, 2007, the OBCA amendments will come into force, including (i) a reduction in the residency requirement for directors from a majority to a 25% requirement, (ii) the repeal of the financial assistance disclosure requirements, and (iii) amendments to facilitate communications between a corporation and its shareholders by electronic means. On January 1, 2008, a new section of the CPA will become effective, prohibiting a person from advertising an Internet gaming site operated contrary to Canada's Criminal Code. It will also prohibit arranging for or otherwise facilitating the prohibited advertising activities, unless the person doing so is an Internet Service Provider. The CPA amendments will also introduce definitions of "internet gaming site" and "advertise".
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