The Legislature is now out of session for the summer, there were many pieces of legislation passed that were created to spur on business development and enhance Alberta as the go-to place to do business in Canada.
One of these positive changes is an Amendment to the Business Corporations Act (BCA). The changes below are now in full effect and will ensure Alberta is the most attractive and competitive place for job-creators to invest and incorporate in Canada. Some of the positive changes to the BAC are:
• Clarify directors’ responsibilities and protections by expanding circumstances of good faith defence; enhancing indemnification provisions; refining the scope of directors’ duty of care; and expanding permissible voting on contracts where a director holds a material interest.
• Create a provision to allow corporations to determine, through a corporate opportunity waiver, whether a specified business opportunity, or a class or category of business opportunity, does not need to be pursued by the corporation.
• Reducing administrative burden by reducing the shareholder approval threshold for routine affairs.
• Increasing the revival period of a corporation from 5 to 10 years, and eliminating it altogether for societies, non-profits, and co-operatives.
• Other changes to the Business Corporations Regulation will allow corporations that also operate in the United States to use US accounting principles in their Alberta corporate filings. This will reduce the burden for distributing corporations that would otherwise be required to prepare two sets of financial statements using different accounting principles.
The changes to the BCA are just one of many that are designed to help small businesses and entrepreneurs make Alberta the best place to do business. For more information, visit Alberta.ca.
MLA – Calgary North West Sonya Savage proudly serves the following Communities: Rocky Ridge, Royal Oak, Scenic Acres, Tuscany
