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On March 29, 2004, the new Business Corporations Act (British Columbia) is expected to come into force bringing with it wholesale changes to B.C. company law for the first time in over 30 years. Readers are cautioned, however, that despite its name, the BCA is not a statute which follows the model of the Canada Business Corporations Act and most other provincial corporate statutes but rather is an evolution of the previous Company Act.
The new BCA contains many changes which are intended to provide greater flexibility to provincially-incorporated companies and, to a certain degree, to ease the administrative burdens of compliance on such companies. While some changes bring British Columbia in line with other jurisdictions, others provide benefits which are not available in other jurisdictions. The aim of this update is to provide you with an overview of the significant changes from the Company Act to the BCA.
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