Bill 63, the Business Corporations Act, Receives Royal Assent
On October 7, 2009, the Minister of Finance announced a major reform of the Companies Act while tabling Bill 63, the Business Corporations Act. Bill 63 is designed to equip Québec with one of the most modern pieces of legislation in terms of corporation law. The bill, which applies to more than 300,000 businesses, was assented to on December 4, 2009.
The new Business Corporations Act is to come into force at the end of fall 2010 by an order in council and will coincide with the launching of the new online platform currently in development. The new platform will simplify transactions with the enterprise registrar as it will be possible to carry out many administrative transactions online. For example, under the new Act, information and documents related to a corporation’s articles may be transmitted online.
When the Act comes into force, corporations currently governed by Part IA of the Companies Act will automatically become business corporations governed by the Business Corporations Act. Therefore, such corporations will not have to undertake any steps to amend their legal status with the enterprise registrar.
For more information, consult the website of the Ministère des Finances. We will keep you posted on any changes or developments resulting from this new Act.