Legal News

New BC Business Corporations Act In Force March 29, 2004

The BC Business Corporations Act, SBC 2002, c. 57 (the “Act“) came into force by regulation on March 29, 2004. The Act replaces the BC Company Act and provides the first major reform to corporate legislation in British Columbia in 30 years. The Act is significantly different from the former Company Act and is intended to provide greater flexibility to companies while reducing the amount of governmental regulation.

The Act applies to all existing and new British Columbia corporations. Companies incorporated before the coming into force of the Act will have two years to complete certain required transition steps. If the transition steps are not completed within the applicable time limit, the pre-existing company will be dissolved by the Registrar of Companies.

The Business Corporations Act Project was initiated by the Registrar of Companies to implement the provisions of the new Act that affect the Registry and its customers. The Business Corporations Act Project website provides information about interacting with the Corporate Registry under the new Act and contains links to a consolidated version of the Act, regulation and forms.

(Click here for the BC Business Corporations Act)