Source: http://www.bclaws.ca/EPLibraries/bclaws_new/document/LOC/freeside/--%20b%20--/business%20corporations%20act%20sbc%202002%20c.%2057/00_act/02057_00.htm
Timestamp: 2013-05-24 10:47:10
Document Index: 633030944

Matched Legal Cases: ['art 1', 'art 2', 'arty 16', 'art 2', 'art 3', 'art 4', 'art 5', 'art 6', 'art 7', 'art 8', 'art 9', 'art 10', 'art 11', 'art 12', 'art 13', 'art 14']

﻿Table of Contents - Business Corporations ActCopyright (c) Queen's Printer,
Victoria, British Columbia, CanadaIMPORTANT INFORMATIONBusiness Corporations Act[SBC 2002] CHAPTER	57Contents
Part 1 — Interpretation and Application Division 1 — Interpretation 1 Definitions 2 Corporate relationships 3 When a company is recognized Division 2 — Application 4 Special Act corporations 5 Dissolution Division 3 — Distribution of Records 6 Mailing of records 7 Sending of records 8 Furnishing of records by registrar 9 Service of records in legal proceedings Part 2 — Incorporation Division 1 — Formation of Companies 10 Formation of company 11 Notice of articles 12 Articles 13 Incorporation 14 Withdrawal of application for incorporation 15 Obligations of completing party 16 Articles on incorporation 17 Effect of incorporation 18 Evidence of incorporation 19 Effect of notice of articles and articles 20 Pre-incorporation contracts Division 2 — Corporate Names 21 Name of company 22 Reservation of name 23 Form of name of a company 24 Restrictions on use of name 25 Multilingual names 26 Assumed names 27 Name to be displayed 28 Registrar may order change of name 29 Other changes of name Division 3 — Capacity and Powers 30 Capacity and powers of company 31 Joint tenancy in property 32 Extraterritorial capacity 33 Restricted businesses and powers Division 4 — Company Offices 34 Registered and records offices 35 Change of registered or records office 36 Change of agent's office 37 Completion of change of address 38 Withdrawal of notice of change of address 39 Transfer of registered office by agent 40 Elimination of registered office 41 Transfer of records office by agent Division 5 — Company Records 42 Records office records 43 Records may be kept at other locations 44 Maintenance of records 45 Missing records 46 Inspection of records 47 Repealed 48 Copies 49 List of shareholders 50 Remedies on denial of access or copies 51 Company to file annual report Part 2.1 — Unlimited Liability Companies 51.1 Definition 51.11 Notice of articles of unlimited liability company must include statement 51.2 Statement on certificate 51.21 Corporate name 51.3 Liability of shareholders of unlimited liability companies 51.31 Alteration of notice of articles to become unlimited liability company 51.4 Alteration of notice of articles to become limited company 51.5 Amalgamations restricted 51.6 Amalgamation resulting in unlimited liability company 51.7 Amalgamation resulting in limited company 51.8 Continuation into British Columbia as unlimited liability company 51.9 Continuation of foreign unlimited liability corporation into British Columbia as limited company prohibited Part 3 — Finance Division 1 — Authorized Share Structure 52 Kinds, classes and series of shares 53 Description of authorized share structure 54 Change in authorized share structure 55 Alterations may be expressed in a single resolution Division 2 — Share Attributes 56 Share is personal estate 57 Contents of share certificate 58 Special rights or restrictions 59 Classes of shares 60 Shares in series 61 No interference with class or series rights without consent Division 3 — Allotment and Issue of Shares 62 Issue of shares 63 Issue price for shares 64 Payment of consideration for shares 65 Deemed receipt of payment 66 Repealed 67 Commissions and discounts 68 Validation of creation, allotment or issue of shares 69 Fractional shares 70 Dividends 71 Discharge for payment Division 4 — Capital 72 Capital 73 Special rule 74 Reduction of capital 75 Exception to section 74 Division 5 — Conversion, Exchange or Acquisition of Shares by Company 76 Conversion or exchange 77 Company may redeem or purchase or otherwise acquire shares 78 Purchase or acquisition prohibited when insolvent 79 Redemption prohibited when insolvent 80–81 Repealed 82 Cancellation and retention of shares 83 Elimination of fractional shares Division 6 — Purchase of Shares by Subsidiary 84 Definitions 85 Subsidiary may purchase shares of parent 86 Purchase prohibited when insolvent Division 7 — Liability of Shareholders 87 Liability of shareholders 88 Shareholder's liability for partly paid shares of a pre-existing company 89 Liability of former and present shareholders on bankruptcy or winding up Division 8 — Trust Indentures 90 Definitions 91 Application 92 Eligibility of trustee 93 Persons holding debentures may request information from trustee 94 Information for trustee 95 Evidence of compliance with trust indenture 96 Contents of evidence of compliance 97 Additional evidence of compliance 98 Notice of default 99 Trustee's duty of care 100 Reliance on statements 101 Trustee not relieved from duties Division 9 — Debentures 102 Validity of perpetual debenture 103 Enforcement of contract to take debentures 104 Issue of redeemed debenture Division 10 — Receivers and Receiver Managers 105 Powers of directors and officers 106 Duties of receiver and receiver manager Part 4 — Shares, Registers and Transfers 106.1 Securities Transfer Act applies
107 Shares may be certificated or uncertificated 108 Shares jointly owned 109 Lost or destroyed certificates 110 Signature on share certificate 111 Securities registers 112 Index of shareholders 113–114 Repealed 115 Powers of personal representative 116–117 Repealed 118 Documents for transmission 119 Effect of documents provided Part 5 — Management Division 1 — Directors 120 Number of directors 121 First directors 122 Succeeding directors 123 Consent 124 Persons disqualified as directors 125 Share qualification 126 Register of directors 127 Companies to file notices as to directors 128 When directors cease to hold office 129 Application to remove self as director or officer 130 Memorandum or articles may apply to vacancies among directors 131 Vacancies among directors 132 Vacancies among class or series directors 133 End of term of replacement director 134 Loss of quorum 135 If no directors in office Division 2 — Powers and Duties of Directors, Officers, Attorneys, Representatives and Agents 136 Powers and functions of directors 137 Powers of directors may be transferred 138 Application of this Act to persons performing functions of a director 139 Revocation of resolutions 140 Proceedings of directors 141 Officers 142 Duties of directors and officers 143 Validity of acts of directors and officers 144 Corporations may grant power of attorney in writing 145 Corporate representatives 146 Persons may rely on authority of companies and their directors, officers and agents Division 3 — Conflicts of Interest 147 Disclosable interests 148 Obligation to account for profits 149 Approval of contracts and transactions 150 Powers of court 151 Validity of contracts and transactions 152 Limitation of obligations of directors and senior officers 153 Disclosure of conflict of office or property Division 4 — Liability of Directors 154 Directors' liability 155 Dissent procedure by companies 156 Legal proceedings on liability 157 Limitations on liability 158 Liability if company's name not displayed Division 5 — Indemnification of Directors and Officers and Payment of Expenses 159 Definitions 160 Indemnification and payment permitted 161 Mandatory payment of expenses 162 Authority to advance expenses 163 Indemnification prohibited 164 Court ordered indemnification 165 Insurance Division 6 — Meetings of Shareholders 166 Location of general meetings 167 Requisitions for general meetings 168 No liability 169 Notice of general meetings 170 Waiver of notice 171 Setting record dates 172 Quorum for shareholders' meetings 173 Voting 174 Participation at meetings of shareholders 175 Pooling agreements 176 Date of resolution 177 Subsidiary not to vote 178 Election of chair 179 Minutes 180 Consent resolutions of shareholders 181 Rules applicable to general meetings apply to other shareholders' meetings 182 Annual general meetings 183 First annual reference date for pre-existing companies 184 Pre-existing reporting company meetings 185 Information for shareholders 186 Powers of court Division 7 — Shareholders' Proposals 187 Definitions and application 188 Requirements for valid proposals 189 Rights and obligations arising from proposal 190 No liability 191 Refusal to process proposal Division 8 — Insiders 192 Liability of insiders Division 9 — General 193 Form and effect of contracts 194 Authentication or certification of records 195 Financial assistance Part 6 — Financial Records Division 1 — Accounting Records 196 Accounting records required Division 2 — Financial Statements 197 Exemption 198 Financial statements 199 Approval for publication 200 Waiver of financial statements 201 Financial statements for qualifying debentureholders Part 7 — Audits Division 1 — Definition and Application 202 Definition 203 Application of this Part Division 2 — Appointment and Removal of Auditors 204 Appointment of auditors 205 Persons authorized to act as auditors 206 Independence of auditors 207 Remuneration of auditors 208 Capacity to act as auditor 209 Removal of auditor during term 210 Change of auditor by public company 211 Replacement auditor must receive representations Division 3 — Duties and Rights of Auditors 212 Auditor's duty to examine and report 213 Qualifications on auditor's opinion 214 Shareholders may require auditor's attendance at general meetings 215 Auditor's information to be presented at general meetings 216 Amendment of financial statements and auditor's report 217 Access to records 218 Information as to foreign subsidiaries 219 Right and obligation of auditors to attend meetings 220 Qualified privilege Division 4 — Auditor Certification Board 221 Auditor Certification Board 222 Board function and liability Division 5 — Audit Committee 223 Application 224 Appointment and procedures of audit committee 225 Duties of audit committee 226 Provision of financial statements to audit committee Part 8 — Proceedings Division 1 — Court Proceedings 227 Complaints by shareholder 228 Compliance or restraining orders 229 Remedying corporate mistakes 230 Applications to court to correct records 231 Enforcement of duty to file records 232 Derivative actions 233 Powers of court in relation to derivative actions 234 Relief in legal proceedings 235 Applications to court under this Act 236 Court may order security for costs Division 2 — Dissent Proceedings 237 Definitions and application 238 Right to dissent 239 Waiver of right to dissent 240 Notice of resolution 241 Notice of court orders 242 Notice of dissent 243 Notice of intention to proceed 244 Completion of dissent 245 Payment for notice shares 246 Loss of right to dissent 247 Shareholders entitled to return of shares and rights Division 3 — Investigations 248 Appointment of inspector by court 249 Conditions applicable to court appointed inspectors 250 Appointment of inspector by company 251 Powers of inspectors 252 Exemption from disclosure to inspectors 253 Reports of inspector 254 Inspectors' reports as evidence in legal proceedings 255 Immunities during investigations Part 9 — Company Alterations Division 1 — Memorandum, Notice of Articles and Articles 256 Memorandum and articles of pre-existing company not to be altered 257 Alteration to notice of articles 258 Withdrawal of notice of alteration 259 Alteration to articles 260 Shareholders may dissent 261 Alteration to Table 1 articles 262 Articles issued by company must reflect alterations 263 Change of company name 264 Exceptional resolutions and resolutions respecting unalterable provisions 265 Resolution must be passed by greatest majority Division 2 — Conversion 266 Conversion of special Act corporations 267 Articles on conversion 268 Effect of conversion Division 3 — Amalgamation 269 Amalgamation permitted 270 Amalgamation agreements 271 Shareholder adoption of amalgamation agreements 272 Shareholders may dissent 273 Vertical short form amalgamations 274 Horizontal short form amalgamations 275 Formalities to amalgamation 276 Amalgamations with court approval 277 Amalgamations without court approval 278 Notice to creditors in relation to an amalgamation without court approval 279 Amalgamation 280 Withdrawal of amalgamation application 281 Registrar's duties on amalgamation 282 Effect of amalgamation Division 4 — Amalgamation into a Foreign Jurisdiction 283 Definitions 284 Amalgamations into foreign jurisdictions 285 When amalgamation under this Division prohibited 286 After amalgamation 287 Shareholders may dissent Division 5 — Arrangements 288 Arrangement may be proposed 289 Adoption of arrangement 290 Information regarding arrangement 291 Role of court in arrangements 292 Required filings 293 Obligations on company if memorandum altered 294 Obligations on company if articles altered 295 If arrangement includes amalgamation 296 Application of Act to arrangements 297 Binding effect of arrangements 298 Abandoning arrangements 299 Withdrawal of arrangement records Division 6 — Compulsory Acquisitions 300 Acquisition procedures Division 7 — Disposal of Undertaking 301 Power to dispose of undertaking Division 8 — Transfer of Incorporation 302 Application for continuation into British Columbia 303 Continuation 304 Withdrawal of continuation application 305 Effect of continuation 306 Rights preserved 307 Articles for a continued company 308 Application for continuation out of British Columbia 309 Shareholders may dissent 310 When continuation out of British Columbia prohibited 311 After continuation Part 10 — Liquidation, Dissolution, Restoration and Reinstatement Division 1 — Definitions and Application 312 Definitions 313 Application of this Part Division 2 — Voluntary Dissolution without Liquidation 314 Authorization for voluntary dissolution 315 Provision for unpaid debts and undelivered assets 316 Application for voluntary dissolution 317 Date of dissolution 318 Withdrawal of application for dissolution Division 3 — Voluntary Liquidation 319 Authorization for liquidation 320 Limits on liquidator 321 Statement of intent to liquidate 322 Resignation and removal of liquidators in voluntary liquidations 323 Withdrawal of statement of intent to liquidate Division 4 — Powers and Duties of the Court 324 Court may order company be liquidated and dissolved 325 Court orders respecting liquidations 326 Remuneration of liquidator appointed by court Division 5 — Liquidators 327 Qualifications of liquidators 328 Validity of acts of liquidators 329 Filing of notices 330 Duties of liquidators 331 Notice to creditors 332 Limitations on claimants 333 Liquidation records office 334 Powers of liquidators 335 Recovery of property by liquidators 336 Right to distribution in money 337 Provision for unpaid debts and undelivered assets 338 Obligation to prepare accounts 339 Limitations on liability Division 6 — Corporate Status before Dissolution 340 Capacity of companies in liquidation Division 7 — Proceedings for Dissolution 341 Completion of liquidation 342 Court approval of dissolution in court ordered liquidations 343 Application for dissolution Division 8 — Effect of Dissolution 344 Effect of dissolution 345 Certificates of dissolution 346 Dissolved companies deemed to continue for litigation purposes 347 Liabilities survive 348 Liability of shareholders of dissolved companies 349 Dissolved company's assets available to judgment creditors Division 9 — Discharge of Liquidators of Dissolved Companies 350 Discharge of liquidator by court order Division 10 — Records of Dissolved Companies 351 Custody of records 352 Entitlement to inspect records of dissolved companies 353 Remedies on denial of access to or copies of records of dissolved companies Division 11 — Restoration and Reinstatement 354 Definitions and interpretation 355 Pre-requisites to application 356 Applications to the registrar for restoration 357 Contents of application to the registrar for restoration 358 Registrar must restore 359 Limited restoration by registrar 360 Applications to the court for restoration 361 Limited restoration by court 362 Filing of restoration application with the registrar 363 Restrictions on restoration 364 Effect of restoration of company 364.1 Reinstatement of registration of foreign entity as extraprovincial company 364.2 Registrar must reinstate 364.3 Limited reinstatement by registrar 364.4 Restrictions on reinstatement 365 Effect of reinstatement of extraprovincial company 366 Name on restoration 367 Registrar's duties after restoration or reinstatement 368 Corporate assets to be returned to restored company Division 12 — Post-restoration Transition for Pre-existing Companies 369 Definition 370 Transition — restored pre-existing companies 371 Post-restoration transition application 372 Alteration to articles of restored company 373 Timing and effect of post-restoration transition Part 11 — Extraprovincial Companies Division 1 — Registration 374 Definitions 375 Foreign entities required to be registered 376 Application for registration 377 Registration as an extraprovincial company 378 Effect of registration 379 Amalgamation of extraprovincial company 380 Extraprovincial companies to file annual report 381 Extraprovincial companies to notify registrar of changes 382 Change of name of extraprovincial companies 383 Cancellation or change of assumed name of extraprovincial company 384 Liability if name of extraprovincial company not displayed 385 Enforcement of duty to file records Division 2 — Attorneys for Extraprovincial Companies 386 Attorneys to be appointed 387 First attorneys 388 Authorization of attorneys 389 Appointment of attorneys 390 Withdrawal of appointment 391 Change of address of attorneys 392 Withdrawal of notice of change of address 393 Revocation of appointments of attorneys 394 Withdrawal of revocation of appointment 395 Resignations of attorneys 396 Obligation to maintain head office or attorney Division 3 — Cancellation of Registration of Extraprovincial Companies 397 Registrar may cancel registration of defunct extraprovincial companies 398 Lieutenant Governor in Council may cancel registration of extraprovincial companies 399 Registrar's duties on cancellation of registration Division 4 — Designated Provinces and Extraprovincial Companies from Designated Provinces 399.1 Definitions 399.2 Power to make regulations 399.3 Registrar may enter into agreement Part 12 — Administration Division 1 — Office of Registrar 400 Appointment of registrar and staff 401 Seal of office 402 Registrar may suspend services and functions 403 Service of records on registrar 404 Examination of registrar 405 Repealed 406 Appeal to court Division 2 — Records Filed with or Issued by the Registrar 407 Means of filing 408 Filing of records 409 Future dated filing of records 410 Limitation on future dated filings 411 Default of filing 412 Maintenance of records filed with the registrar 413 Deficient filings 414 Correction of registers 415 Validity of register 415.1 Beginning of date 416 Inspection and copies of records 417 Lost or destroyed records 418 Registrar may issue records 419 Effect of records issued by registrar 420 Correction of certificates and other certified records 421 No constructive notice Division 3 — Powers of Dissolution and Cancellation 422 Dissolutions and cancellations of registration by registrar 423 Lieutenant Governor in Council may cancel incorporation of company 424 Publication of notice of dissolution Division 4 — Offences and Penalties 425 Offence Act
426 Offences 427 Misleading statements an offence 428 Penalties 429 Remedies preserved 430 Limitation period Division 5 — Fees and Regulations 431 Fees
432 Power to make regulations Part 13 — Reporting Companies 433 Prescribed provisions 434 Obligations of pre-existing reporting companies 435 Lieutenant Governor in Council may make exclusions Part 14 — Transitional, Repeals and Commencement Division 1 — Charter Transition 436 Transition — pre-existing companies 437 Transition application 438 Alteration to articles 439 Timing and effect of transition Division 2 — Company Transition 440 Registered and records office of pre-existing company 441 Prescribed address 442 Name of specially limited company 442.1 Pre-existing Company Provisions Division 3 — Extraprovincial Company Transition 443 Head office of pre-existing extraprovincial company 444 Attorney for pre-existing extraprovincial company Division 4 — General 445 Repeals 446 Portions of this Part repealed 447 Commencement Schedule Copyright (c) Queen's Printer, Victoria, British