Qp Date
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Business Corporations Act

[SBC 2002] CHAPTER 57

Contents
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 47 Repealed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 2.2 — Community Contribution Companies
 51.91 Definitions
 51.911 Notice of articles of community contribution company
 51.92 Community purposes
 51.921 Corporate name
 51.93 Directors and officers
 51.931 Transfer of assets prohibited
 51.94 Restrictions on dividends and interest
 51.941 Redemption or purchase of shares or reduction of capital
 51.95 Distribution of assets on dissolution of community contribution company
 51.951 No waiver of financial statements
 51.96 Community contribution report
 51.97 Alteration of notice of articles to become community contribution company
 51.98 Amalgamation resulting in community contribution company
 51.99 Amalgamation into foreign jurisdiction and continuation out of British Columbia 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